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
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
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.”
Source: Getty Images
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
The claim that President Bola Ahmed Tinubu-led federal government will scrap the naira in 2027 and replace it with the Eco currency is not true
There is no evidence and official statement from the federal government that Nigeria will scrap the naira in 2027 and replace it with the Eco currency.
Source: Facebook
Read more stories abour naira:
- Dollar Hoarders Count Losses as Naira Strengthens, External Reserves Climb to $48.5bn
- Nigerians Rush To Sell Off Dollars as Traders Quote New Naira Exchange Rate
- Naira Depreciates as Nigeria’s Reserves Surge to $48.5 Billion
- Naira Gets Massive Boost as Nigeria’s Reserves Hit $48.5 Billion, Highest in 13 Years
- Nigeria’s Stock Market Soars 31% in 2026 as Naira Rally Lifts Market Cap by $21 Billion
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.
CBN joins forces ahead of Eco Currency launch
Legit.ng earlier reported that the Central Bank of Nigeria 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.
Source: Legit.ng
