Nigerian cautious on eco

Nigerian President Muhammadu Buhari on Tuesday cautioned his counterparts in the West African region against possible dangers brought by the regional common currency, the eco.
Buhari made this remark at a virtual extraordinary meeting of heads of state and government of the West African Monetary Zone (WAMZ) on the new regional currency.
Buhari expressed concern over the decision of francophone countries that form the West African Economic and Monetary Union (UEMOA) to replace the CFA franc with eco ahead of the rest of member states.
“We have made remarkable progress including the adoption of the exchange rate regime, the name, and model of the common central bank and the symbol. It, therefore, gives me an uneasy feeling that the UEMOA zone now wishes to take up the Eco in replacement for its CFA franc ahead of the rest of the member-states,” the Nigerian leader said.
He said the decision would deviate from the Community Act on consistent attainment of convergence in the three years running up to the introduction of the currency, and the subsequent reinforcing directives.
“I am informed that the French ministers have approved a bill to reform the CFA Franc and most, if not all of the UEMOA member states, have already passed legislation in their various parliaments to that effect,” he said. — xinhuanet.com.