CBN Joins Forces Ahead of Eco Currency Launch in 2027
- The Central Bank of Nigeria has joined other ECOWAS central banks to fast-track plans for the Eco currency
- The single currency, under the Economic Community of West African States will function as the euro
- Member countries must meet strict macroeconomic criteria, including inflation and fiscal deficit targets
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
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 modeled after the euro system adopted by the European Union.
Source: Getty Images
New eco currency
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.
According to Nigeria’s Presidency, the initiative represents a major push toward deeper economic integration, enhanced monetary cooperation and smoother cross-border trade within West Africa.
The Presidency stated:
"The Eco currency forms part of ECOWAS’ broader integration architecture, designed to mirror aspects of the European Union model.
“The initiative aims to complement existing regional instruments such as the ECOWAS passport, while promoting harmonised financial systems and greater regional mobility."
How new currency will work?
The initial rollout is expected to include Nigeria, Ghana, Liberia, Sierra Leone, Guinea and The Gambia, subject to compliance with economic conditions, the Nation reports
The regional currency project has faced repeated delays over the years due to economic divergence among member states, exchange rate volatility and inflationary pressures.
However, ECOWAS leaders reaffirmed their commitment to the 2027 launch timeline at their December 2025 summit in Abuja.
CBN on the forefront of new currency
CBN Governor Olayemi Cardoso said the initiative signals a renewed determination to strengthen regional financial systems and promote monetary discipline across West Africa.
He noted that a unified currency could reduce transaction costs, eliminate exchange rate risks within the bloc, improve price transparency and attract greater foreign direct investment by presenting West Africa as a more stable and integrated economic zone.
Source: Getty Images
Beyond the Eco project, Cardoso also highlighted Nigeria’s growing influence in continental monetary reforms following its strengthened role within the African Union’s financial institutions, positioning the country at the centre of Africa’s broader financial integration agenda.
If successfully implemented, the Eco could significantly reshape trade flows, deepen intra-regional commerce and mark one of the most ambitious economic integration efforts in Africa’s history.
Naira no longer among Africa’s 10 worst currencies
Earlier, Legit.ng reported that Nigeria’s currency performance towards the end of 2025 has helped it outside Africa’s 10 worst-performing currencies ending nearly two years on the bottom-ten list.
An analysis using the Forbes currency calculator shows that naira exited the list in October 2025 and had not reappeared as of December, supported by improving external reserves, policy reforms and better FX liquidity.
Although Nigeria’s exact ranking was not disclosed, data indicate that by December 31 the naira traded at about N1,436 per dollar, compared with the Rwandan franc at 1,456 per dollar, which ranked 10th weakest.
Source: Legit.ng
