Nigeria considers the next line of action for ECOWAS single currency
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Nigeria considers the next line of action for ECOWAS single currency

- The minister of finance, budget and national planning, Zainab Ahmed, has given updates on the planned ECOWAS single currency by West African countries

- Ahmed said the country is studying the next action on ECOWAS single currency

- ECOWAS member countries had in July agreed that the proposed single currency - Eco, would be launched in January 2020

The minister of finance, budget and national planning, Zainab Ahmed, has said that the country would decide the next course of action on the adoption of the Economic Community of West African States (ECOWAS) single currency, Eco, by some West African countries.

The Cable reports that the minister announced this in a statement signed by her special adviser media and communication, Yunusa Tanko Abdullahi.

Ahmed confirmed that the country received the news of the change of name of the UEMOA currency, the CFA (Communaute Financiere d’Afrique) to Eco.

“Nigeria has received the news of the change of name of the UEMOA Currency, the CFA (Communaute Financiere d’Afrique) to Eco supposedly as the ECOWAS single currency. Nigeria is studying the situation and would respond in due course,” the statement read.

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Buhari's minister gives updates on proposed ECOWAS single currency

The minister of finance, budget and national planning, Zainab Ahmed.
Source: UGC

It would be recalled that member countries had in July agreed that the proposed single currency - Eco, would be launched in January 2020.

Legit.ng gathered that they also agreed that a flexible currency regime would be adopted.

On December 21, eight countries namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo, announced that they would be changing from the CFA Franc to Eco.

The countries, which are all French colonies except Guinea-Bissau, severed financial links to France with the decision.

It was also gathered that Ghana has indicated an interest in switching its currency to Eco, however, it opposed fixing the currency against the euro.

“We, in Ghana, are determined to do whatever we can to enable us (to) join the member states of UEMOA, soon, in the use of the eco, as, we believe, it will help remove trade and monetary barriers,” Ghanaian president, Nana Akufo-Addo, said in a statement.

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The online medium, however, noted that the statement indicated that Ghana opposed plans to keep the Eco fixed to the euro, urging regional authorities to work quickly toward adopting a flexible exchange rate regime.

Meanwhile, Legit.ng had previously reported that eight West African countries agreed to change the name of their common currency to Eco.

It was reported that they have effectively severed the CFA franc’s links to former colonial ruler France.

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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.

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Source: Legit.ng

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