Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) are finalizing plans to launch a single currency to be known as Eco.
It is envisaged that the idea will propel economic growth and developement and enhance trade operations within the West African Sub-region.
9AM Nigeria learnt that the single currency has even been featured into the new Identity Cards planned by Nigeria’s National Identity Management Commission.
9AM News Nigeria obtained a statement from the Ministry of Finance signed by the Director Of Press, Mohammed Manga, on Friday 5 July 2024, which said “Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, wishes to assure of the critical role the ECO will play in fostering economic growth and development in the region, and will ensure Nigeria’s unwavering commitment to its successful implementation”.
While on the road to achieving this great objective, the gathering represents a critical turning point.
Also the conference of the Central Bank Governors marks a significant milestone in the journey towards realising this single-currency goal for ECOWAS nations.
The statement from the Finance Ministry noted that participants went through the preparations for the single currency’s introduction, and laid the groundwork for a more integrated economic future for the ECOWAS member states.
Going on the statement further said
“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.
After the conference, there was a renewed sense of purpose for introducing the ECO. After the event, all of the participants were in agreement that the single currency had enormous potential to change the region’s economic structure and open the door to greater prosperity for all of the member states.
Futhermore, Among those present at the meeting were the ministers of finance for Cape Verde (Mr. Olavo Correia), Cote d’Ivoire (Mr. Adama Coulibaly) and Ghana (Mr. Mohammed Amin Adam), among other respective delegates.
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