Federal Government of Nigeria Reacts to the Change of CFA Currency to Eco Currency Proposed by ECOWAS
The Federal Government of Nigeria through it’s Ministry of Finance, Budget and Planing issued a Press Release saying that the government is studying the situation and will respond in due course.
The release letter reads:
“Nigeria has received the news of the change of name of the UEMOA currency, the CFA (Communuate Financiere d’Afrique) to Eco supposedly as the ECOWAS Single Currency. Nigeria is studying the situation and will respond in due course.”
The Press Release came through Yunusa Tanko Abdullahi, Special Adviser on media and communication to the honourable minister of fianance budget and planning on Monday 30th December in Abuja.
The announcement came on 28th December after the Government Ghana through it’s director of communications announced it’s intentions to join UEMOA in the use of Eco currency proposed by ECOWAS.
Moreover before the declaration by Ghana, President Alassane Ouattara of Ivory Coast, during a visit by French President Emmanuel Macron to Ivory Coast declared the change of CFA to Eco currency.
All the countries of the West African Economic and Monetary Union are all French Colonies except Guinea-Bissau and they include:
- Benin Republic.
- Burkina Faso
- Ivory Coast
Some critics claim that it’s not a welcome development by Ivory Coast denouncing it’s CFA all of a sudden. Allafrica.com says
“What France has done is that it takes over the responsibility of establishing and even printing the new currency and presents the other countries in the region with a fait accompli.”
Moreso, Allafrica stressed that France has established conditions which will be met by countries willing to join the African own currency prosposedly previously by ECOWAS. One of the reasons why Nigeria was kept out of the currency adopters because Nigeria is yet to declare it’s stance on it.