Nigeria calls for delay in launching regional currency

The Nigerian presidency announced on social media on Monday that it wants a delay to the launch of a West African single currency - the Eco -set to be unveiled later this year. 

The official Nigerian presidency Twitter account posted “Nigeria’s position on the Eco is that the convergence criteria (between states) have not been met by the majority of countries [which will adopt the currency]”.

The tweet then called for an extension period before rolling out the currency.

Agreement on the Eco came in December last year, after more than 25 meetings between the 15 member countries of the Community of West African States (ECOWAS). It was finally decided that the currency would be launched in 2020.

Cote d’Ivoire’s President Alassane Outtara then made the announcement during a meeting in Paris with his French counterpart Emmanuel Macron. 

Eight of the 15 ECOWAS nations currently use the CFA franc, which is tied to the Euro and requires countries to keep half of their currency reserves in France. The eight former French colonies are now seeking to cut financial ties with their former colonial power, though the value of the Eco will remain pegged to the Euro. 

Nigeria, a member of ECOWAS, and other english-speaking West African nations have said they were no longer in agreement as the Eco was failing to met certain requirements to be adopted as a single currency for the region. 

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