ECOWAS to Launch Single Currency ECO After Nigeria’s Endorsement

Mobel
By Mobel 3 Min Read

ECOWAS is set to unveil its single currency, ECO, following Nigeria’s endorsement, aiming to enhance economic integration, trade, and monetary stability across West Africa.

ECOWAS is poised to unveil its single currency, ECO, following Nigeria’s recent endorsement. This landmark initiative is expected to become a cornerstone of economic integration, streamlining trade, and enhancing monetary stability throughout the region.

The Nigerian government’s backing is a significant milestone for the ECO, which aims to drive growth and development across the West African sub-region. The ECOWAS single currency will also feature on the new three-in-one identity card, scheduled for rollout by the National Identity Management Commission (NIMC) in August.

During the 92nd Ordinary Session of the ECOWAS Council of Ministers held in Abuja, Finance Ministers and Central Bank Governors from the 15 ECOWAS member states agreed on the modalities for implementing the single currency. This meeting represents a crucial step towards achieving this ambitious goal.

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Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, emphasized the importance of the ECO in fostering economic growth and development within the region. In a statement signed by the Director of Press in his ministry, Mohammed Manga, Edun reiterated Nigeria’s unwavering commitment to the successful implementation of the ECO.

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According to the statement, participants at the meeting discussed preparations for the introduction of the single currency, laying the groundwork for a more integrated economic future for the 15 member states.

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“The vision for the ECO extends beyond being a mere currency. It aims to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region,” Edun said.

The gathering brought together key figures instrumental in realizing this vision, including Cape Verde’s Minister of Finance, Olavo Correia, Cote d’Ivoire’s Minister of Finance and Economic Affairs, Adama Coulibaly, and Ghana’s Minister of Finance, Mohammed Amin Adam, among other representatives.

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“The meeting culminated in a renewed sense of purpose regarding the ECO’s introduction. Participants left with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states,” the statement concluded.

With the introduction of the ECO, ECOWAS is on the path to creating a more cohesive and prosperous economic environment, benefiting all member states and their citizens.

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