ECO currency crisis: President Buhari criticises breach of agreements

ECO currency crisis: President Buhari criticises breach of agreements

- President Buhari has criticized the breach of agreements by some members of ECOWAS over the regional currency

- The Nigerian leader warned that failure to comply with rules could put the Eco currency in serious jeopardy

- Buhari delivered Nigeria’s position on the new regional currency at a virtual meeting on Tuesday, June 23

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President Muhammadu Buhari on Tuesday, June 23, reacted to the alleged breach of agreements by some member countries of the Economic Community of West African States (ECOWAS) concerning the regional currency.

The Nigerian leader who objected to the development warned that unless member states follow the agreed processes, the regional currency could be in ‘serious jeopardy,’ The Nation reports.

The president disclosed this at the virtual meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ).

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Nigeria's number one citizen in a statement by his spokesperson, Femi Adesina, also expressed concern over the decision of francophone countries who are members of the West African Economic and Monetary Union (UEMOA) to replace the CFA Franc with Eco without other states.

ECO currency: President Buhari criticises breach of agreements
President Buhari at the virtual extraordinary meeting of the Authority of Heads of States and Governments of the West African Monetary Zone (WAMZ).
Source: Twitter

While assuring ECOWAS leaders of Nigeria’s commitment to the single currency, Buhari urged them to consider recommendations and take a common position to safeguard the regional monetary zone from the pitfalls.

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Recall that back in July 2019, the authority of ECOWAS adopted ECO as the name of the single currency to be issued in January 2020.

The leaders at their 55th ordinary session in Abuja endorsed the name while congratulating the ministerial committee on the single currency for the considerable progress recorded in the implementation of the revised roadmap.

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In the statement read by Mustapha Suleiman, Nigeria’s permanent secretary, Ministry of Foreign Affairs, the Authority instructed the ECOWAS commission to work in collaboration with West African Monetary Agency.

In another report, the minister of finance, budget and national planning, Zainab Ahmed, said Nigeria would decide the next course of action on the adoption of the ECOWAS single currency, Eco, by some West African countries.

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

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