Eco Currency

Nigeria, Ghana, four others fault renaming of CFA as Eco

Alexander Davis

The Convergence Council of the West African Monetary Zone (WAMZ) has faulted the decision of eight West African countries to change their currency’s name from CFA into Eco.

ConsumerConnect learnt the WAMZ Convergence Council made their position known in a communiqué issued after the end of an extraordinary meeting of the Ministers of Finance and Governors of the Central Banks of the WAMZ Zone, held in Abuja, Nigeria’s  Federal Capital Territory (FCT).

The Ministers for Finance and Central Bank Governors from The Gambia, Ghana, Republic of Guinea, Liberia, Sierra Leone and Nigeria attended the meeting, which discussions centred on the ECOWAS single currency programme.

Recall that the eight West African countries December 21, 2019, had renamed the CFA Franc as ‘Eco’.

Alassane Ouattara, President of Cote d’Ivoire announced the decision to rename CFA to Eco by the eight countries.

The eight countries are Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.

All of these African countries are former French colonies with the exception of Guinea-Bissau.

The Federal Government of Nigeria, shortly after the decision, had issued a statement saying it was studying the decision, and would take action on the development soon.

Eco is the name of the currency that is being adopted by ECOWAS countries under its single currency regime for the West Africa sub-region.

Presenting the communiqué, Mrs. Zainab Ahmed, Nigeria’s Minister of Finance, Budget and National Planning, said the meeting noted with concern the declaration by Ouattara to rename the CFA as Eco.

She said, “The meeting notes with concern, the declaration by the Chairman of the Authority of the Heads of State and Government of the West African Economic and Monetary Union on December 21, 2019 to unilaterally rename the CFA Franc as Eco by 2020.

“WAMZ convergence council wishes to emphasise that this action (is) not in line with the decision of the Authority of Heads of State and Government of ECOWAS for the adoption of the Wco as the name of an independent ECOWAS single currency.

“WAMZ Convergence Council reiterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government towards the implementation of the revised roadmap of the ECOWAS single currency programme,” Mrs. Ahmed said.

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