Will Nigeria Scrap The Naira For Eco Currency in 2027? Facts Emerge
- A viral video claims Nigeria will replace the naira with the Eco currency in 2027, sending panic to Nigerians
- Nigerian officials confirm Eco development, but naira's abolition remains unannounced
- The implementation of the Eco depends on meeting strict economic criteria from participating countries
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
A viral video making the rounds on WhatsApp and other social media platforms has stirred fresh anxiety about Nigeria’s monetary future. The clip claims that the naira will be scrapped in 2027 and replaced with a regional currency known as the Eco.
The video, posted by a social media personality identified as “Flora the Digital Banker,” asserts that from 2027, Nigeria and 11 other West African countries will adopt a single currency called the Eco, effectively ending the use of the naira.
Source: Getty Images
The claim has been widely shared, with some linking the supposed policy shift to Nigeria’s 2027 general elections.
But how accurate is this claim?
What the viral video says
In the video, the presenter argues that there will be “no currency called naira” from 2027. According to her, Nigeria will join countries such as Ghana, Senegal, Togo, Guinea, Guinea-Bissau, Côte d’Ivoire, Liberia, Sierra Leone, The Gambia and Cabo Verde in adopting the Eco.
According to a report by TheCable, she compares the proposed currency to the euro used by countries in the European Union, suggesting it would function as a shared legal tender across participating West African nations.
The Eco, she claims, is designed to promote price stability and make cross-border trade easier.
The video also touches on concerns about external influence, particularly France’s historical monetary ties to some Francophone West African countries. It suggests Nigeria is pushing to prevent outside control over the proposed regional currency.
Perhaps most strikingly, the presenter implies that the Eco could be implemented alongside Nigeria’s 2027 elections, fuelling speculation that a sweeping monetary reform is already locked in.
What officials actually said
On February 14, the Nigerian presidency confirmed that central bank governors from 12 West African nations are meeting under the framework of the Economic Community of West African States (ECOWAS) to finalise technical and institutional arrangements for the proposed Eco currency.
According to the statement, the Eco remains under development. Its eventual rollout depends on participating countries meeting strict macroeconomic convergence criteria, including inflation limits, fiscal deficit thresholds and foreign reserve benchmarks.
The presidency explained that the Eco forms part of a broader regional integration effort, drawing lessons from the European Union model and complementing initiatives such as the ECOWAS passport.
Importantly, the first phase of implementation is expected to involve a smaller group of countries, including Liberia, Nigeria, Ghana, Sierra Leone, Guinea and The Gambia. Even then, participation is conditional on meeting agreed economic standards.
In simple terms, adoption is not automatic.
Is the naira being abolished?
There has been no official announcement from the presidency, the Central Bank of Nigeria, or ECOWAS stating that the naira will cease to exist in 2027.
The Eco project itself is not new. Discussions about a single West African currency have spanned decades, with repeated delays due to member states’ inability to meet convergence requirements.
Source: Getty Images
The name “Eco” was formally adopted in 2019. In August 2025, during a meeting in Banjul, ECOWAS announced a proposed launch date of July 1, 2027.
A subsequent summit in December 2025 reaffirmed commitment to that timeline but did not declare an automatic replacement of national currencies.
The 2027 date remains a target, not a guaranteed switchover.
The verdict
There is no evidence to support the claim that Nigeria will scrap the naira in 2027.
While the Eco currency project is advancing at the regional level, its implementation is conditional and subject to economic benchmarks. As of now, the naira is not being abolished.
CBN joins forces ahead of Eco currency launch in 2027
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has joined other West African central banks in advancing plans to launch a single regional currency, the Eco, by 2027.
The new currency will be modelled after the euro system adopted by the European Union.
Governors from 12 member states of the Economic Community of West African States (ECOWAS) are currently aligning technical, fiscal and monetary frameworks required to operationalise the long-delayed currency project.
Source: Legit.ng
