Eco: Nigerian President evokes risk of dislocation of ECOWAS

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The President of Nigeria, Muhammadu Buhari, spoke for the first time this Wednesday of a risk of dislocation of the ECOWAS, in the event of the arrival of the eco currency to replace the CFA franc by the UEMOA zone. Even if it is not a threat, Muhammadu Buhari's statements show that the positions remain clear-cut.

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The adoption of a single currency in West Africa is still debated. More than six months after the announcement in Abidjan, the bill amending the WAEMU treaty is still on the tables of the national parliaments of the member countries, as well as that of the French Parliament.

A currency too close to the CFA franc

In this document, the eco currency has a fixed exchange rate with the euro. And despite the departure of representatives from Paris from the monetary policy bodies of the new currency, the status of financial guarantor gives France the right to appoint representatives to the Bank's Monetary Policy Council in the event of a crisis Central of West African States.

► Also read: End of the CFA franc: a new currency with small steps

For Nigeria, there is practically no difference between the WAEMU eco zone and the current CFA franc. And it is this confusion that the ECOWAS countries, which each have their own currency today, want to remove. Especially since the single currency of the 15 West African countries will have a flexible exchange rate against a basket of currencies. The eco should in principle start circulating before the end of this year.

It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States. It'sa matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion.

The Nigerian President's series of tweets therefore highlights the urgency of clarifying this situation. And Muhammadu Buhari, whose country accounts for more than 60% of the ECOWAS GDP, says he has bet so much on the single currency project, "  to let things get done at the convenience and convenience  ".

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• Nigeria
• Africa
• Economy Africa
• Franc CFA
• Coins
• Muhammadu Buhari

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