Have you heard that West Africa plan on launching their own currency which would be common to all West African countries? The aim is that this single new currency would be merged with the West African CFA Franc which is a currency that is already been used by some members of ECOWAS that were colonized by france. These countries have been using CFA franc even after independence however, with the adoption of the ‘Eco’, they would be finally cutting ties with the CFA franc.
Some reports have said that the Eco will be linked with the Euro though this hasn’t been confirmed. The president of France, Emmanuel Macron speaking on this at a news conference stated that the decision to adopt the new Eco currency is a “historic reform”.
The Eco has been set to be adopted this year, 2020. Amongst the West African countries to adopt it include Burkina Faso, Benin Republic, Nigeria, Ghana, Guinea-Bissau, Guinea, Cape Verde, Mali, Liberia, Gambia, Niger Republic, Senegal, Mauritania, Sierra Leone, Togo and Saint Helena.
The Eco will be officially designated as ‘Ec’ with its official bank to be called, ‘Central Bank of West Africa’ (CBWA). Some reports say the note will feature some great African legends and icons. No specific date have been set for its launch.
So far, there have been mixed reactions to this news. While some Africans are pleased with it, some have criticized the movement stating that it is better for every country to stick with their own currency. What is your take on this. Do you think Nigeria adopting the new Eco is a welcomed development?