Nigeria, ECOWAS’ largest economy, asks for a delay in the adoption of single currency Eco

Economic governance
Tuesday, 11 February 2020 17:13
Nigeria, ECOWAS’ largest economy, asks for a delay in the adoption of single currency Eco

(Togo First) - In a recent tweet, the Nigerian presidency declared that “Nigeria’s position on the Eco currency is that the convergence criteria have not been met by majority of the countries.” “There has to be an extension of time on the take-off of the single currency,” the presidency added.

Recently, let’s recall, English-speaking countries of the region opposed the decision to adopt the currency saying the move does not align with the decision of heads of State and Governments of ECOWAS, said Zainab Ahmed, Nigeria’s minister of finance.

Among issues raised to explain their opposition is the convergence criterium (which to date is met only by Togo), macroeconomic data, leadership and internal squabbles, notably between Nigeria which is Africa’s leading economy and Côte d’Ivoire. 

According to initial plans, the Eco should be launched this July. However, the concretization of this project now seems jeopardized by the opposition of English-speaking countries, among others.

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