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The ECOWAS currency is expected to serve as a unified medium of exchange, facilitating trade and economic integration across West Africa.
Mohammed Manga, Director of Information and Public Relations at Nigeria’s Ministry of Finance, disclosed this during the 11th ECOWAS Convergence Council meeting in Abuja.
The meeting, attended by Ministers of Finance and Central Bank Governors from the region, focused on strategies to accelerate the Eco’s implementation, aiming to enhance financial stability and economic cooperation in the region.
The rollout of the ECO currency was planned in two phases. First, member states of the West African Monetary Zone (WAMZ)—comprising Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone—were to adopt the ECO.
In the second phase, the ECO would merge with the CFA franc, the currency currently used by the eight French-speaking West African nations within the West African Economic and Monetary Union (UEMOA)
This transition was designed to grant UEMOA countries full fiscal and monetary independence from France while fostering deeper regional economic integration within ECOWAS.
Source: AFRICABUSINESSINSIDER
