The Federal Government is studying the situation on proposed change of West African Economic and Monetary Union, UEMOA currency, Eco, to be used as ECOWAS single currency.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known in a statement in Abuja.
Already, eight West African countries have agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler, France.
The countries include Benin republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
The Ivory Coast President, Alassane Ouattara announced this during a visit by French President Emmanuel Macron to Ivory Coast. All of these African countries are former French colonies with the exception of Guinea-Bissau.
Responding on this improvement, the Minister said Nigeria, as a country, would react in due course.
