ECOWAS: Nigeria to adopt new currency by 2020

During the just concluded ECOWAS meeting held at Abuja, The Authority of ECOWAS Heads of state and government adopted a single currency to be issued amongst the member states. The ECO as the currency is called will be issued in the early quarter of 2020.

ECOWAS currency

Nigeria to adopt new currency by 2020

This development would affect all member states of the Economic Community Of West African States, and they are; Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo.

The name ECO given to the new currency was endorsed by all leaders of the 15 countries that constitutes the community at their 55th ordinary session. An applaud was also given the Ministerial committee for the progress experienced on the development and implementation of the revised roadmap.

The Authority further directs the commission to ensure implementation of the recommendations of the meeting of the ministerial committee held in Abidjan on June 17 and June 18 as well as preparation and implementation of the Communication Strategy for the single currency programme.

Also, According to the Chairman of the Economic Community of West African States, President Issoufou Mahamadou of Niger, the revised road map stipulates that the issuance of the single currency, ECO commence by January, 2020.

He also stated that there is “a real firm political will” for the region to hastily achieve the single currency.

Nevertheless, The Authority has also directed the commission to work in hands with the central banks to enhance the operation of the Special Fund for the financing of programmes in the revised Roadmap for the ECOWAS Single Currency Programme.

In conclusion, with this development and Nigeria being part of ECOWAS, it is believed that by January 2020, the new currency ECO may be instated and circulated likewise other members of ECOWAS but would this development enhance the growth of the community?

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