Nigeria is set to drop the naira to adopt a new official currency, with symbol to be known as the ‘Eco’ from the year 2020
Countries in the franc region and other West African nations such as Nigeria and Ghana, which have their own currencies, have for decades debated creating their own currency, the Eco.
The ‘Eco’ is a single currency that will be adopted by West African countries as from next year as part of the sub-region’s greater structural reforms.
Unfortunately, there is no official value for the Eco currency yet.
But the 17 West African countries are expected to adopt the Eco currency when it will be released. These countries are Benin Burkina Faso, Cape Verde, Cote d’Ivoire (Ivory Coast), The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Saint Helena, Senegal, Sierra Leone and Togo.
It’s not just Nigeria that will be dropping their currency “Naira”, even the French speaking West African countries will ditch the CFA Franc, known as “Colonies Francaises d’Afrique,” which was established in 1945 and pegged to the Euro since 1999.
According to reports, the Eco notes will feature great African legends and showcase features of West Africa.
The official bank for the sub-region’s currency will be known as the Central Bank of West Africa (CBWA).
A specific launch date for the Eco has not yet been announced but it has been speculated that January 2020 is when the single currency will be launched.
There’s high expectations that the Eco is expected to be adopted by 2020, because since the concept arose in 2003, the target launch date for the currency has been postponed several times: in 2005, 2010 and 2014.
