Nigeria reacts to adoption of single currency by French-speaking ECOWAS countries

News

The federal government, Monday reacted to the change of name of the UEMOA, Communaute Financiers d’Afique (CFA) currency to ECO by eight French-speaking West African countries, saying it was studying the situation and would respond in due course.

A statement issued by Yunusa Tanko Abdullahi on behalf of the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said: “Nigeria has received the news of the change of name of the UEMOA Currency, the CFA (Communaute Financiers d’Afique) to ECO supposedly as the ECOWAS single currency. Nigeria is studying the situation and would respond in due course “

In a press conference in Abidjan, Presidents Emmanuel Macron of France and Alassane Quattara of Cote d’Ivoire announced at the weekend that the eight West African countries using the CFA Franc currency would adopt the ECO as their new currency next year.