West Africa Single Currency, Eco- FG Speaks

The agreement reached by eight West African countries to change the name of their common currency to Eco, has elicited response from the Federal Government.

The Federal Government says it is studying the situation on change of West African Economic and Monetary Union (UEMOA) currency, Eco, to be used as ECOWAS single currency.

SEE ALSO: West Africa renames CFA Francs but keeps it pegged to Euro

This was made known by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in a statement by Yunusa Abdullahi, her Special Adviser, Media and Communication, in Abuja on Monday.

Reacting on this development, Ahmed said Nigeria as a country would respond in due course to the news of the change of name of the West African Economic and Monetary Union (UEMOA) currency, Communaute Financiere d’ Afrique (CFA) to Eco, supposedly as the ECOWAS single currency.

Eight West African countries have agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler France.

This was announced by Ivory Coast President Alassane Ouattara, during a recent visit by French President Emmanuel Macron to Ivory Coast.

The countries include Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

All of these African countries are former French colonies with the exception of Guinea-Bissau.