Nigeria ‘studying’ new West African currency called “eco”, ministry of finance says in statement

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Updated: March 7, 2021

Nigeria’s ministry of finance said in a statement on Monday it had “received the news of the change of name of the UEMOA Currency, the CFA (Communaute Financiere d’Afrique” to Eco supposedly as the ECOWAS single currency”.

“Nigeria is studying the situation and would respond in due course,” said minister’s spokesman Yunusa Tanko Abdullahi.

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The CFA franc is used in two monetary unions: eight West African states and six countries in Central Africa.

The member states of the Economic Community of West African States, with countries from both monetary unions, said earlier this year that they would gradually start adopting a single currency in 2020.

On Saturday, the President of Equatorial Guinea Teodoro Obiang Nguema Mbasogo called Central African nations to follow West African nations in dumping the France-backed CFA franc.

His call came after eight West African states on December 21 agreed to reforms to their long-standing colonial agreement with France.

Ghana has also announced it would like to adopt the eco, the currency expected to replace the France-backed CFA franc as soon as next year.

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Simon Ateba Washington DC
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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