The biggest business news doing the rounds in Africa over the past couple of months has been the adoption of the ECO, as ECOWAS’s single currency, replacing the CFA franc after decades of use of the French currency. The ECO will be the single currency used by members of the 8 UEMOA nations later this year.
In a statement released by the Nigeria finance ministery, Nigeria says it is interested but is evaluating the situation first before making a decision on whether to join.
“Nigeria has received the news of the change of the UEMOA Currency, the CFA (Communaute Financiere d’Afrique) to Eco supposedly as the ECOWAS single currency, Nigeria is studying the situation and would respond in due course’. It came on the heels of Ghana’s announcement that it was ready to join the ECO bloc.
If Nigeria joins, it will become the 2nd to do outside the original 8 member-states, Ghana became the first to throw its weight behind the ECO shortly after the confirmation of it’s coming to effect.
Nigeria as West Africa’s biggest economy would give UEMOA a massive boost if it were to join, but according to the statement, many consultations had to be made at home before committing to such protocols.