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The Federal Government has said it is still studying the situation as eight West African countries, most of them French speaking, changed their currencies to Eco, the proposed single currency for West Africa.
Last week, members of the West African Economic and Monetary Union (also known by its French acronym, UEMOA) announced they are changing their currency from CFA Franc to Eco, ahead of the Eco launch in 2020.
The countries using the Central African CFA and have agreed to change to Eco are Cameroon, Chad, Central African Republic, Congo Republic, Equatorial Guinea and Gabon – all former French colonies with the exception of Equatorial Guinea.
But the Minister of Finance, Budget and National Planning Zaynab Ahmed said Nigeria has received the news and it is still studying the situation before taking a position.
“Nigeria has received the news of the change of the name of UEMO 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,” Mr. Yunusa Tanko Abdullahi, the special adviser, media and communications to the minister, announced in a statement yesterday.
The West African Finance Ministers and the Central Bank governors have been meeting over the proposed single currency for West Africa.
Rising from the meeting in December of finance ministers, the Nigerian Minister of Finance, Budget and National Planning, said the report for the implications of the single currency for the West African sub-region was ready for consideration by ECOWAS members heads governments.
Last week, members of the West African Economic and Monetary Union (also known by its French acronym, UEMOA) announced they are changing their currency from CFA Franc to Eco, ahead of the Eco launch in 2020.
The countries using the Central African CFA and have agreed to change to Eco are Cameroon, Chad, Central African Republic, Congo Republic, Equatorial Guinea and Gabon – all former French colonies with the exception of Equatorial Guinea.
But the Minister of Finance, Budget and National Planning Zaynab Ahmed said Nigeria has received the news and it is still studying the situation before taking a position.
“Nigeria has received the news of the change of the name of UEMO 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,” Mr. Yunusa Tanko Abdullahi, the special adviser, media and communications to the minister, announced in a statement yesterday.
The West African Finance Ministers and the Central Bank governors have been meeting over the proposed single currency for West Africa.
Rising from the meeting in December of finance ministers, the Nigerian Minister of Finance, Budget and National Planning, said the report for the implications of the single currency for the West African sub-region was ready for consideration by ECOWAS members heads governments.
