Eco: President Buhari Criticises West African Countries Over Single Currency Adoption

President Muhammadu Buhari has criticised the West African Monetary and Economic Union (UEMOA) for its decision to replace the CFA Franc with Eco - which is meant to be ECOWAS' single currency - without discussing with Nigeria. President Buhari stated that Nigeria is committed to the monetary Union, but African countries shouldn't ridicule themselves by entering a union only to disintegrate.

The single currency talk involves eight West African countries of the Economic Community of West African States (ECOWAS); Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo, most of which are French speaking countries. The discussion about the single currency has been on for about 30 years, but countries have failed to agree on a framework.

However, the aforementioned countries stated last year that it will be adopting the Eco single currency in January 2020, with Nigeria stating at the time that it is still monitoring the discussion, “Nigeria has received the news of the change of name of the UEMOA (The West African Monetary and Economic Union) currency, the CFA to Eco supposedly as ECOWAS single currency. Nigeria is studying the situation and would respond in due course.”

President Buhari Speaks Against Move

In a recent reaction to the single currency by the UEMOA countries, President Buhari stated on his Twitter handle that the decision of the countries to move forward with the adoption of Eco without consulting Nigeria made him feel uneasy, "It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States. It‘s a matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion." Buhari said.

He went on to advise the UEMOA Zone to do things properly and ensure absolute compliance with the set standards because all the countries, including Nigeria, have staked so much in the single currency for ECOWAS, to leave things to mere expediencies and convenience.

"Nigeria fully supports and is committed to a monetary union with the right fundamentals—a union which guarantees credibility, sustainability and overall regional prosperity and sovereignty. But we must do things properly and ensure absolute compliance with the set standards.

"We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it. We need to be clear and unequivocal about our position regarding this process." He added that, "We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience."

President Buhari also stated that, "We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy." President Buhari said.

It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States. It‘s a matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion.

— Muhammadu Buhari (@MBuhari) June 23, 2020