West African Nations Adopts ‘ECO’ As Single Currency, To Be Launched By 2020

June 30, 2019
52 Views

ECOWAS, the economic community for West African nations have adopted a single currency named eco, which it plans to launch by 2020.

Eco was adopted on Saturday in Abuja in a meeting of the 15 member countries organization.

ECOWAS is made up of 15-member countries. They are Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo.

Discussed for thirty years, this single currency between the 15 countries that make up the ECOWAS – eight of which use the CFA franc, pegged to the euro according to a fixed parity guaranteed by France, former colonizer of the region – is seen as a gamble risked by many analysts, but would be a strong political symbol, says AFP.

According to local media reports, there was “a real firm political will” for the region to hastily achieve the single currency.

During the meeting in Abuja, President Muhammadu Buhari handed over the chairmanship of the organization to the President of Niger Republic Mahamadou Issoufou during the closing ceremony of the 55th Session of the Authority of Heads of State and Government held at the State House Conference Center in Abuja according to local media reports.

The ECOWAS Prize for Excellence was awarded posthumously to former UN secretary general Koffi Annan and Dr. Ameyo Adadevoh (Renowned for her contributions towards curbing the spread of Ebola virus in Nigeria by placing the patient zero, Patrick Sawyer, in quarantine despite pressures from the Liberian government.) for their contribution to the well being of the region.

You may be interested

News

Ali insists on conditions to reopen borders – The Nation Newspaper

Webby - January 28, 2020

John Ofikhenua, Abuja AMID calls for the review of the partial border closure, the Nigerian Customs Service (NCS) Comptroller-General, Col.…

News
1 views

Why AfCFTA’s impact will be huge – The Nation Newspaper

Webby - January 28, 2020

Andrew Skipper, Head of Africa at international law firm Hogan Lovells, and a Partner, Thomas Kendra, write on the economic…

News

Rotary urges youths to embrace vocational education

Webby - January 28, 2020

Our Reporter There is the need for youths to embrace vocational education to be useful to the society, Rotary Club…

Leave a Comment

Your email address will not be published.