FG: Take-off time of ECOWAS single currency has to be extended

The federal government says the time for the implementation of “Eco”, the proposed single currency for Economic Community of West African States (ECOWAS), should be extended.

In July, ECOWAS members agreed that eco will be launched in January 2020. They also agreed that a flexible currency regime would be adopted.

While eight, mostly francophone countries — Benin, Burkina Faso, Guinea-Bissau (Portuguese-speaking), Ivory Coast, Mali, Niger, Senegal and Togo — announced that they would be changing from the CFA to eco in December, Nigeria, Sierra Leone, Ghana, Liberia and Gambia, who are all English-speaking, as well as Guinea, a francophone country, rejected the adoption of eco.

In a tweet on Monday, the presidency said certain criteria are yet to be met, hence the need for the extension.

The tweet was posted during the ongoing African Union summit in Ethiopia.

“Nigeria’s position on the ECO Currency is that the convergence criteria have not been met by majority of the countries,” the tweet read.

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

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.

— Presidency Nigeria (@NGRPresident) February 10, 2020

After a stakeholders meeting held in Abuja in January, delegates had recommended that an extraordinary general meeting of ECOWAS heads of state and governments in the West African monetary zone be convened to discuss the matter.

In December, Zainab Ahmed, minister of finance, budget and national planning,  had said Nigeria was still working on the next course of action on the adoption of the single currency.