The Authority of the Economic Community of West African States (ECOWAS), alongside Heads of States and Governments, has adopted a flexible single currency ‘Eco’ as its trade currency to be issued by January 2020. This comes after the bloc’s 55th Ordinary Session which took place over the weekend in Abuja. The new currency could replace the Naira.
The regional body disclosed earlier that considerable progress had been made, leading to the adoption of the name “Eco” and a flexible exchange rate regime which will be issued starting from early next year.
The introduction of a unified currency into the West African region is aimed at harnessing economic trade and integration among member-nations of the regional body.
In a communique read by Nigeria’s Permanent Secretary at the Ministry of Foreign Affairs, Mr. Mustapha Suleiman, the regional body was instructed to collaborate with West African Monetary Agency, West African Monetary Institute, and West African Central Banks for speedy implementation of the revised road-map, which will be presented at the next meeting.
Reports from sources disclosed that the Central Bank governors and West African Finance Ministers had earlier agreed on technical issues bordering the creation of the single currency for the bloc next year.
“At a ministerial level, we’ve established a road-map for the establishment of a new currency”, Ivory Coast’s Finance Minister, Adama Kone, stated in Abidjan.