The Minister of Finance, Price range and Nationwide Planning, Zainab Ahmed, mentioned Monday the Federal Authorities was finding out the choice of the Francophone West African nations to vary the identify of their forex CFA franc to Eco.
Ahmed, who disclosed this in a press release issued by her Particular Adviser on Media and Communication, Mr. Yunusa Abdullahi, in Abuja, mentioned the federal authorities would react to the event after finding out the state of affairs.
Eight nations who’re members of UEMOA – West African Financial and Financial Union – specifically Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo, had at a latest assembly with French President, Mr. Emmanuel Macron, took the choice to vary from CFA franc to Eco.
The Financial Neighborhood of West African States (ECOWAS) had earlier proposed Eco because the widespread forex for nations within the sub-region.
Ghana got here out afterwards to specific curiosity in adopting the Eco as nicely.
The assertion learn: “Nigeria has read the news of the change of name of the UEMOA currency, the CFA to Eco. Nigeria is studying the situation and would respond in due course.”