Nigeria-WAMZ-ECO

Nigeria: WAMZ rejects "rebranding" of CFA as ECO

APA – Lagos (Nigeria)

The proposed adoption of the Eco as the single currency for seven Francophone countries and Guinea Bissau has been rejected by the Convergence Council of the West African Monetary Zone (WAMZ), which met in Abuja on Thursday.

“WAMZ convergence council wishes to emphasise that this action is not in  line with the decision of the Authority of Heads of State and  Government of ECOWAS for the adoption of the Eco as the name of an  independent ECOWAS single currency" the meeting announced in a communique issued at the end of the extraordinary meeting of the Ministers of Finance and Governors of the Central Banks of the zone.

The meeting, which was attended by the Ministers of Finance and Central Bank Governors from The Gambia, Ghana, Guinea, Liberia, Sierra Leone, and Nigeria, said an extraordinary general meeting of ECOWAS Heads of State and Government in the zone was recommended to be convened to discuss the matter.

The meeting noted with concern, the declaration by the Chairman of the Authority of the Heads of State and Government of the West African Economic and Monetary Union (UEMOA) on December 21, 2019, to unilaterally rename the CFA Franc as Eco by 2020”.

“WAMZ convergence council reiterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government towards the implementation of the revised roadmap of the ECOWAS single currency programme,” the communique added.

 On December 21, 2019, eight countries namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo, announced the adoption of the ECO from the CFA Franc through their union known as UEMOA.

GIK/APA

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