Nigeria Weighing Options On ECOWAS Single Currency, Says Finance Minister

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In a reaction to the development yesterday, the federal government through the Ministry of Finance, Budget and national Planning, Mrs. Zainab Ahmed said: “Nigeria has received the news of the change of name of UEMOA currency, the CFA (Communicate Financiere d’Afrique) to Eco supposedly as the ECOWAS single currency.”

The ministry said that “Nigeria is studying the situation and would respond in due course.”

The government’s position was contained in a statement issued by the media aide of the minister of Finance, Budget and National, Yunusa Abdullahi.
Nigeria currently hosts the secretariat of the ECOWAS, which reportedly adopted the name “ECO” for the sub-region’s envisaged single currency. The plan is to make West Africa a more integrated bloc.

The eight ECOWAS countries that currently use the CFA franc are Benin Republic, Burkina Faso, Guinea-Bissau, Cote d’Ivoire (Ivory Coast), Mali, Niger, Senegal, and Togo.

The single currency is expected to help address ECOWAS’ region’s monetary problems, including the difficulty in converting some of its currencies and the lack of independence of the central banks.

However, it appears there is a division among member countries over the modalities for implementation of the policy.

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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