Muhammadu Buhari, President of Africa’s economic giants Nigeria, has expressed his dissatisfaction towards an earlier decision taken by the West African Monetary and Economic Union (UEMOA) zone.
President Buhari disclosed in a statement that, UEMOA’s decision to adopt the French-backed ECO as a replacement for CFA Franc ahead of other ECOWAS member states gives him an “uneasy feelings.”
The president cited the total neglect of other member states from the decision-making process purported to decide a common currency for the sub-region as basis for his position. “It is a matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion,” he said.
The statement further added, “We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it. We need to be clear and unequivocal about our position regarding this process”.
Buhari, however, stressed on his country’s support for a unified monetary zone but maintained such establishment must be based on the “right fundamentals” and must also “guarantee credibility, sustainability and overall regional prosperity and sovereignty.”
He finally advised that, for the much-desired ECOWAS monetary unity to be achieved, the region must proceed with caution and comply with the agreed processes of reaching a collective goal while treating each other with utmost respect.