- Benin, Burkina Faso, Guinea-Bissau, Ivory Coast and four other West Africa countries have changed the name of their currencies
- They will now use a common currency known as Eco
- This was announced by Ivory Coast President Alassane Ouattara
Eight West African countries have agreed to change the name of their common currency to Eco.
With this, they have effectively severed the CFA franc’s links to former colonial ruler France.
The countries include Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
All of these African countries are former French colonies with the exception of Guinea-Bissau.
This was announced by Ivory Coast President Alassane Ouattara during a visit by French President Emmanuel Macron to Ivory Coast.
Ouattara at the event had announced “three major changes”.
These included “a change of name” of the currency, he said, adding that the others would be “stopping holding 50 per cent of the reserves in the French Treasury” and the “withdrawal of French governance” in any aspect related to the currency, Vanguard reports.
Meanwhile, Legit.ng had reported that President Muhammadu Buhari said that insurgency is presently the toughest challenge facing member nations of the Economic Community of West African States (ECOWAS).
The president made this observation during the 56th ordinary session of ECOWAS Authority of heads of state held in Abuja on Saturday, December 21.
As his way of fighting terrorism in Nigeria, President Buhari at the session said that his administration is not relenting in its efforts to counter the attacks of armed groups.
He added that the federal government is committed to developing strategies that will propel economic growth not just in Nigeria but also in the entire West African sub-region.
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