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
Wait, what does this mean for the Naira?
ReplyDeleteIt means that when u enter Ghana, instead of changing your naira to cedis you can still use your naira verse versa
DeleteIt 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.
DeleteThis would be nice. All these exchange rate thingz are quite draining.
ReplyDeletegood stuff..
ReplyDeleteHmmmmmm end times thing
ReplyDeleteThe Bible was Right
ReplyDeletePls explain
DeleteExactly anonymous...
DeleteA welcomed development.
ReplyDeleteEnd time has come ooo
ReplyDeleteWe are gradually moving to one world government and currency!!
ReplyDeleteHmmmmm!!! End time things
Hmmm...the world is getting there.
ReplyDeleteHope 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.
ReplyDeleteThis sound good! One currency for ECOWAS, same as the passport!
ReplyDelete