The Nigerian government has requested the satisfaction of 5 conditions to make them convince to join the adoption of the ECO, to ensure it not another form of colonialism by the French on them.
After the October 2019 African finance minister conference that took place in Abuja Nigeria, memmbers of the ECOWAS (Economic Community of West African States) presented a project that will allow all member state belonging to ECOWAS adopt a single currency called ECO to be implemented by January 2020. However, any member considered fit for the adoption is supposed to fulfil certain criterials to enable them eligible for the adoption.
Decisions made in a meeting between French President and Ivory Coast President about the ECO currency
The French-backed currency Franc CFA was established in 1945 and initially pegged to the French franc but has been linked to the euro for about two decades. Former French colonies Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal and Togo still use the currency, as does Guinea-Bissau.
The currency will be renamed the “eco” next year 2020 and French officials will no longer be represented on its governing bodies, Ouattara said. In addition, a requirement that the eco’s member states keep half their foreign reserves in France will be rescinded.
The currency will remain pegged to the euro, guaranteeing its stability, Ouattara said.
Macron and France’s Minister of Economy Bruno Le Maire both described the reform as “historic”, with Macron pledging: “The eco will see the light of day in 2020.”
Nigeria requested the satisfaction of 5 conditions before she will join the ECO new currency:
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