The Federal Government says it is studying the situation on change of West African Economic and Monetary Union (UEMOA) currency, Eco, to be used as ECOWAS single currency.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known in a statement by her Special Adviser, Media and Communication, Yunusa Abdullahi, in Abuja on Monday.
Eight West African countries have agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler France.
The countries involved are Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
This was announced by Ivory Coast President Alassane Ouattara, during a visit by French President Emmanuel Macron to Ivory Coast. With the exception of Guinea-Bissau, all the African countries are former French colonies.
Reacting on this development, Ahmed said Nigeria as a country would respond in due course.