The President, Major General Muhammadu Buhari , on Tuesday raised concerns over the planned single currency for the Economic Community of West African States.
He said the plan for the single currency, Eco, could be in serious jeopardy, unless member states complied with agreed processes of reaching the collective goal.
Buhari expressed concern over the decision of francophone countries that form the West African Economic and Monetary Union to replace the CFA Franc with Eco ahead of the rest of member states. “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 legislations in their various parliaments to that effect.”
“We need to be clear and unequivocal about our position regarding this process. We have all staked so much in this project to leave things to mere expediencies and convenience. In the light of the caution, ECOWAS leaders resolved to convene an enlarged meeting of the regional bloc on the single currency issue.
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