Nigeria considers adoption of Eco as ECOWAS currency – Minister

Isola Moses

The Federal Government of Nigeria says it is studying the situation on change of West African Economic and Monetary Union (UEMOA) currency, Eco, to be used as the Economic Community of West African States (ECOWAS) single currency.

News Agency of Nigeria reports Mrs. Zainab Shamsuna Ahmed, Honourable Minister for Finance, Budget and National Planning, made this known in a statement in Abuja, Monday, December 30, 2019, issued by Yunusa Abdullahi, her Special Adviser, Media and Communication.

Eight West African countries have agreed to change the name of their common currency into Eco, thereby effectively severing the CFA franc’s links to former colonial ruler France.

Alassane Ouattara, President of Ivory Coast, made the announcement during French President Emmanuel Macron’s recent visit to Ivory Coast.

The countries involved are Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. All the eight African countries are former French colonies, except Guinea-Bissau.

Commenting on the development, Mrs. Ahmed said Nigeria as a country would respond in due course.