Nigeria and 5 Other Countries will no longer use ECO single currency – The latest news available for those hoping that Nigeria will drop the naira this year and start using the ECO single currency for West Africa is not looking good; this is because Nigeria and five other countries have pulled out of using the ECO currency.
The withdrawal was issued at the end of a West African Monetary Zone meeting of ministers of finance and governors of central banks on Thursday in Abuja.
Nigeria and five other English-speaking West African countries have condemned the decision of their French-speaking neighbours to rename the CFA Franc as ECO.
The condemnation was issued at the end of a West African Monetary Zone meeting of ministers of finance and governors of central banks on Thursday in Abuja.
The countries that participated in the meeting are Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.
The statement reads, “WAMZ Convergence Council wishes to emphasise that this action is inconsistent with the decision of the Authority of the Heads of State and Government of ECOWAS for the adoption of the ECO as the name of an independent ECOWAS single currency.
“WAMZ Convergence Council wishes to reiterate the need for all ECOWAS member countries to implement the decision of the Authority of the Heads of State and Government towards the implementation of the revised roadmap of the ECOWAS single currency programme.
“WAMZ Convergence Council would be recommending an extraordinary summit of the Authority of the Heads of State and Government of the WAMZ member states will be convened soon to discuss this matter and other related issues.”