Stella Dimoko West African Countries Choose New ECO Single Trade Currency


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Wednesday, July 03, 2019

West African Countries Choose New ECO Single Trade Currency

As part of its plans to make Africa a more integrated continent, leaders of the Economic Community of West African States (ECOWAS) have adopted the name 'ECO' for a planned single currency to be used in the region.

The 15 member group announced at the end of an ECOWAS summit in Abuja, Nigeria's capital.

Six member countries, including Nigeria, Liberia, and Ghana, could be swapping their currencies for a new one - the ECO.

Eight ECOWAS countries (Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo) currently jointly use the CFA franc.

Originally intended to be launched in 2000, the ECO has been postponed multiple times, and the newest target date is 2020.

ECO is supposed to boost economic development in the West African region and improve cross border trade.

If implemented, countries across the region will be able to move and spend money across different countries without worrying about exchange rate costs says economic analyst, Tokunbo Afikuyomi.
From CNN


  1. Wait, what does this mean for the Naira?

    1. It means that when u enter Ghana, instead of changing your naira to cedis you can still use your naira verse versa

    2. It means that all the other currencies including Naira would be dropped and ECO would become the new legal tender across the ECOWAS states. Just like EURO is used across Europe. There will no longer be naira, maybe in Nigeria but ECO will supersede it.

  2. This would be nice. All these exchange rate thingz are quite draining.

  3. The Bible was Right

  4. We are gradually moving to one world government and currency!!
    Hmmmmm!!! End time things

  5. Hmmm...the world is getting there.

  6. Hope it works out. Some of the countries have a more stable economy, others have no economic power and are dirt poor. I hope they achieve their goal.

  7. This sound good! One currency for ECOWAS, same as the passport!


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