The UEMOA zone countries of the Ecowas monetary union comprising Benin, Burkina Faso, Côte d Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo are going ahead to replace its CFA currency with the new Eco currency ahead of the rest member states.
Nigerian president Muhammadu Buhari expressed displeasure over this sudden move by the UEMOA zone countries without any discussion with the rest member states.
He said “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.
He expressed that this move by the UEMOA predominantly French speaking Ecowas member states of the monetary union is rather out of convenience and there is a need to communicate to the outside world effectively as all members who have staked so much into this project for it to fail.
“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”. His statement concluded.