Nigeria, the country with the largest economy in Nigeria on Monday called for a delay in the launch of a region-wide currency which was scheduled for launch in 2020.
Nigeria claims that it’s reasons behind the call for a delay is that the convergence criteria have not been met by majority of the member countries.
“There therefore has to be an extension of time on the take-off of the single currency.”
We can recall that the West African regional bloc ECOWAS last year announced it’s intentions to introduce a common currency called the Eco in for the region come 2020.
After the annoument, there were series of set backs from various angles including the sudden declaration of CFA to Eco by President Alassane Ouattara of Ivory Coast, during a visit by French President Emmanuel Macron to Ivory Coast.
English-speaking nations led by Africa’s most populous country Nigeria had criticised the sudden move by the francophone country saying that it’s not in line with the intentions behind the launch of Eco Currency.
Members of the West African Monetary Zone (WAMZ) including Nigeria strongly condemned the decision by the French-speaking West African states to rename the CFA Franc as “Eco” by 2020.
According to the Nigeria Minister of Finance, only one country in the region, Togo, has complied with the tough ECOWAS monetary and economic criteria to allow it to join the proposed currency.
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