Economy

Dumping of CFA for ECO: We’re Still Studying the Situation, Says FG

The ECO is the currency all ECOWAS member countries had initially agreed to adopt as a single currency. However, there have been concerns raised that the early adoption by the French-speaking ECOWAS countries was a way for France to have control over the new currency. That concern appears to be one the Nigerian government is reviewing.

More than a week since the eight countries announced the decision, the Nigerian government, through a statement by the Federal Ministry of Finance, Budget and National Planning on Monday said it was studying the situation with the hope of coming up with an appropriate response later.

“Nigeria has received the news of the change of name of the UEMOA currency, the CFA (Communaute Financiere d’Aafrique) to ECO supposedly as the ECOWAS Single currency. Nigeria is studying the situation and would respond in due course,” a terse statement signed by Yunusa Abdullahi, the spokesperson to the Federal Ministry of Finance, Budget and National Planning, said.

But, some Nigerians have criticised the tepid manner the Federal Government is handling the development, which they said was at the core of regional economic integration effort Nigeria has been spearheading.

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