The Nigerian presidency said via social media on Monday that it is calling for a delay in the Eco, the West African single currency that is set to be unveiled this year.

"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 this common currency, said the Nigerian presidency on its Twitter account.

"There therefore has to be an extension of time on the take-off of the single currency,” according to the tweet.


Nigeria has its own currency, the Naira.

The Eco single currency remains highly controversial, as after more than 25 meetings on the subject, the 15 member countries of the Community of West African States (ECOWAS), an agreement was finalized in December that it would be launched in 2020.

Eight of the 15 ECOWAS countries use the CFA franc, but were looking to cut financial ties to France, their former colonial power. France currently hosts half of these countries’ foreign exchange reserves.

Many were surprised when Cote d’Ivoire’s President Alassane Ouattara made the announcement while meeting with his French counterpart Emmanuel Macron.

Nigeria, a member of ECOWAS, and other Anglophone West African countries said they were not in agreement, as the Eco did not meet the requirements adopted in the region to set up the single currency.

Source: http://www.rfi.fr/en/international/20200210-nigeria-calls-delay-eco-regional-single-currency-launch-presidency

This delay isnt surprising. The only member state to meet the convergence criteria is Benin Republic. The rest have been playing games the past decades. You would think Nigeria would show leadership in this regard but that's not the case. It's only to hold meeting and photo take pictures.

Good.Nigeria should not be fooled by that wicked french govt..Baba Buhari shine ur eyes on this,if not i go vex with u..

Blue3k:
This delay isnt surprising. The only member state to meet the convergence criteria is Benin Republic. The rest have been playing games the past decades. You would think Nigeria would show leadership in this regard but that's not the case. It's only to hold meeting and photo take pictures.

A question we need to ask our self is whether the eco is necessary sef ?

urahara:

A question we need to ask our self is whether the eco is necessary sef ?

It's not needed really. Addressing the other issues to intra africa trade would do more. Nobody is serious about this anyway. People suddenly started caring when France was brought into conversation.

Forget eco currency...free and fair trade is all that is needed.