FG seeks delay in implementation of West Africa’s common currency

 

 

The Federal Government of Nigeria is currently buying more time ahead of the formal launching of the proposed West African common currency, Eco anticipated to take effect later this year.

The presidency, giving reason for this on Twitter today, said “Nigeria’s position on the Eco currency is that the convergence criteria have not been met by majority of the countries.”

“There, therefore, has to be an extension of time on the take-off of the single currency.”

It would be recalled that ECOWAS had in 2019 mooted the idea of operating a common currency timed to take effect in 2020.

Francophone West African countries revealed last December their intention to ditch the name of their current common currency, CFA Franc, in favour of a new one to be called Eco, apparently as a Pan-African gesture that would partly curb the decades-old influence of their former colonial master, France.

However, West African countries of English expression countered the proposal on the ground that it ran contrary to the initiative for the broader currency.

Nigeria says only neighbouring Togo among the 16-country region has met ECOWAS stringent monetary and economic conditions to set the Eco in motion, a situation that has caused Nigeria to footdrag on the matter.