ECOWAS nears launch of single currency 'ECO' to boost regional integration
The Economic Community of West African States (ECOWAS) is set to launch its single currency initiative, known as the ECO, as plans reach an advanced stage.
Finance Ministers and Central Bank Governors from the 15 ECOWAS member states have agreed on the modalities for the initiative, aiming to make the ECO a cornerstone of economic integration in the region.
The Nigerian government endorsed the initiative, viewing it as a catalyst for growth and development across West Africa, Punch Nigeria reports.
Nigeria’s Minister of Finance, Wale Edun, emphasised the significance of the ECO in ensuring economic growth and development.
“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region,” he said.
The ECOWAS single currency will be featured in the new three-in-one identity card planned by the Nigerian National Identity Management Commission (NIMC), which is set for roll-out in August.
During the regional bloc’s 65th Ordinary Session held in Abuja, Nigeria, on July 7, authorities instructed the High-Level Committee on the Practical Modalities for the creation of the ECO to submit a draft Supplementary Act. This act will define the modalities for the participation of Member States in the Monetary Union and will be presented at the first Ordinary Session in 2025.
