ECOWAS Adopts Name of Single Currency.
In an effort to boost cross border trade, west Africa country leaders met in Abuja today to deliberate on a single currency scheme.
West African comprises of population of over 390 million people with Nigeria population contributing the most with over 180 million people.
West Africa established ECOWAS in 1975, a regional economic union, with 15 nation bloc.
The reality of the adoption of the single currency in the West Africa region became closer today in Abuja during the 55th ordinary session of the heads of state and government of the economic community of west African states.
ECOWAS Adopts Name of Single Currency
West Africans according to plans will from January 2020 start using a common currency named “Eco Currency”.
If this becomes a reality, it will boost cross border trade among the regional 15 bloc nation.
During the session, The President of Niger Republic, President Issoufou Mahamadou, who is also the newly appointed ECOWAS chairman said the single currency would be issued in January 2020.
He further said:
There’s a real firm political will for the region to hastily achieve the single currency.
Urging the Authorities and the central banks to accelerate the process of the funds for financing the ECOWAS single currency programme.