Is It True that Nigeria Is Scrapping Naira for ‘Eco Currency’ in 2027? Fact Emerges
- Nigeria's naira will not be scrapped in 2027, contrary to viral claims
- The Eco currency is still under development and conditional for implementation
- No official statement confirms the abolition of the naira by 2027
Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
FCT, Abuja - A social media video claiming that Nigeria will scrap the naira in 2027 and replace it with a new regional currency called the “Eco” is false.
The viral video was made by a social media personality identified as “Flora the Digital Banker.”
The user claimed that from 2027, “there is not going to be a currency called naira” as Nigeria and 11 other West African countries will begin using a single currency known as the Eco.
“So beginning from 2027, Nigeria, Ghana, Senegal, Togo, Guinea, Guinea-Bissau, Côte d’Ivoire, Liberia, Sierra Leone, The Gambia, and Cabo Verde. We are all going to be using the same currency called the Eco currency.”
Verification
The presidency confirmed that central bank governors from 12 West African countries met to finalise technical and institutional frameworks for the proposed Eco currency.
This was according to a statement issued on Saturday, February 14, 2026.
The statement explained that the Eco is still under development, and implementation is subject to macroeconomic convergence criteria.
“The first phase of implementation is expected to involve Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, subject to meeting agreed macroeconomic.”
As reported by Thecable, this means adoption is conditional, not automatic.
The presidency, the Central Bank of Nigeria (CBN), or ECOWAS, has not issued any statement announcing that the naira will be abolished or cease to exist in 2027.
ECOWAS announced that the Eco project, which has been in discussion for decades, would be introduced on July 1, 2027, after several meetings on August 4, 2025, in Banjul, Gambia.
Verdict/conclusion
There is no evidence to support the claim that Nigeria will scrap the naira in 2027 and replace it with the Eco currency.
Nigeria, 11 other countries move closer to launching Eco currency
Recall that West African leaders 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 its launch.
Experts weigh in on the matter, projecting that the successful launch of the Eco could transform trade and economic stability in West Africa.
Source: Legit.ng
