ECOWAS’ Eco Currency in Jeopardy, Says President Muhammadu Buhari
President Muhammadu Buhari on Tuesday told members of the Economic Community of West African States (ECOWAS) that the proposed and in-progress ECO currency may be in jeopardy following the adoption of the same unit by francophone nations within the region.
According to a statement issued by Femi Adesina, Special Adviser on Media and Publicity to President, during the virtual meeting held by the Authority of Heads of State and Government of the West African Monetary Zone on Tuesday, President Muhammadu Buhari expressed concerns over the region Eco currency and the need for member states to attain a collective goal.
He said, “It gives me an uneasy feeling that the UEMOA Zone now wishes to take up the Eco in replacement for its CFA Franc ahead of the rest of the member states.
“This is in addition to deviating from the Community Act on a consistent attainment of convergence in the three years running up to the introduction of the currency, and our subsequent reinforcing directives.
“I am informed that the French ministers have approved a bill to reform the CFA Franc and most, if not all of the UEMOA member states, have already passed legislations in their various parliaments to that effect.”
He added, “It is a matter of concern that a people with whom we wish to go into a union are taking these major steps without trusting us for discussion.
“We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.
“We need to be clear and unequivocal about our position regarding this process. We have all staked so much in this project to leave things to mere expediencies and convenience.
“We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect.
“Without these, our ambitions for a strategic monetary union as an ECOWAS bloc could very well be in serious jeopardy.”
To better discuss the issue, ECOWAS leaders agreed to convene a more broad and inclusive meeting on the single currency.
Dr Obadiah Mailafia, a former Deputy Governor, Central Bank of Nigeria, who also spoke on the matter said it was wrong for the francophone countries to unilaterally take the decision to replace the CFA Franc with Eco.
“They have simply gone ahead to create a fait accompli. It is not good for Nigeria. It has taken the leadership process from Nigeria, which accounts for up to 70 per cent of West Africa’s GDP.”
