Full List: Nigeria, 11 Other West African Nations Move Closer to Launching Eco Currency
- West African leaders have met to accelerate plans for the long-awaited Eco regional currency
- Nigeria's central bank is playing a crucial role in shaping the Eco initiative and the Eco's launch
- Experts say, the successful launch of the Eco could transform trade and economic stability in West Africa
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria and 11 other West African countries have renewed efforts to launch the long-delayed Eco regional currency, signalling what could become a defining shift in the region’s economic history.
Governors of central banks across the subregion recently gathered in Monrovia, Liberia, under the framework of the Economic Community of West African States to fast-track preparations for the single currency.
Source: Getty Images
The high-level meeting focused on harmonising monetary policies, strengthening governance systems, and ensuring that participating nations meet strict macroeconomic benchmarks required for the rollout.
In a statement issued on February 14, 2025, Nigeria’s presidency described the engagement as a decisive step toward finalising policy alignments and institutional structures necessary to operationalise the Eco project.
Nigeria’s central role in the Eco initiative
As the region’s largest economy, Nigeria is expected to play a leading role in shaping the future of the proposed currency.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, joined counterparts from across West Africa at the Monrovia talks, underscoring Nigeria’s commitment to the integration plan.
The 12 countries backing the Eco include Nigeria, Ghana, Liberia, Sierra Leone, Guinea, The Gambia, Cape Verde, Guinea-Bissau, Senegal, Côte d’Ivoire, Togo, and Benin.
However, the rollout will follow a phased approach. The first wave is expected to involve Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, provided they meet agreed fiscal and monetary convergence criteria.
These benchmarks include inflation control, sustainable debt levels, stable exchange rates, and disciplined fiscal deficits.
Officials insist that compliance will be non-negotiable. According to Nigeria’s presidency, the Eco’s launch will depend strictly on adherence to macroeconomic standards and the establishment of credible, independent institutions capable of managing a shared monetary system.
Why has the Eco faced repeated delays?
The Eco project has been on the regional agenda for years, but has repeatedly stalled due to economic divergence among member states. Inflation spikes, widening fiscal deficits, exchange rate volatility, and uneven growth patterns have made convergence difficult.
Some countries have struggled to maintain single-digit inflation or keep budget deficits within agreed limits. Others have faced currency instability, complicating efforts to align monetary frameworks across borders.
Despite these setbacks, the latest meeting suggests renewed political determination.
Regional leaders argue that deeper monetary integration is essential for boosting intra-African trade, attracting foreign investment, and reducing dependence on external currencies for cross-border transactions.
What the Eco could mean for West Africa
If successfully launched, potentially by 2027, the Eco would rank among Africa’s most ambitious monetary integration projects.
A unified currency could reduce exchange rate risks, cut transaction costs for businesses, and stimulate trade within the subregion.
For businesses operating across borders, eliminating multiple currency conversions could simplify operations and improve price transparency.
Governments, meanwhile, hope the Eco would strengthen economic stability and enhance West Africa’s collective bargaining power in global markets.
Still, significant hurdles remain. Achieving sustained macroeconomic discipline across diverse economies will require tough policy choices and consistent political commitment.
Source: Getty Images
For now, the Monrovia meeting has placed the Eco firmly back on the policy front burner.
Whether the region can finally move from blueprint to implementation will depend on how seriously member states pursue the reforms required to make a single currency work.
Nigeria delisted from EU financial high-risk list
Legit.ng earlier reported that the European Union (EU) has removed Nigeria and five other African countries from its list of high-risk jurisdictions for money laundering and terrorism financing.
The other countries taken off the list are South Africa, Burkina Faso, Mali, Mozambique, and Tanzania.
The decision follows reforms carried out by the affected countries to strengthen their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
Source: Legit.ng
