Nigerian President “Uneasy” Over New West Africa “Eco” Currency

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[Eco Currency]
President Muhammadu Buhari: ''It‘s 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.''
Photo: YouTube

Nigeria's President Muhammadu Buhari is expressing concern over the proposed new "Eco" currency.

Nigeria's president expressed concern Tuesday over the decision of some West African nations to replace their currencies with the Eco ahead of the rest of the member countries of the Economic Community of West African States (ECOWAS).

President Muhammadu Buhari made the comments at an extraordinary virtual summit of the Authority of Heads of State and Government of the West African Economic and Monetary Union (UEMOA) hosted by the West African Monetary Institute, Accra Ghana.

''It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States.

''It‘s 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,'' Buhari said in a series of tweets.

The members of the UEMOA are Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo. They have a single currency, the CFA Franc, which is pegged to the euro.

Buhari said Nigeria fully supports and is committed to the monetary union, ''but we must do things properly and ensure absolute compliance with the set standards.''

Last month, France's Council of Ministers officially passed a bill that ratified a reform of the monetary agreement that bound the French government to the eight UEMOA member states.

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