President Buhari also 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.
The President delivered Nigeria’s position on the new regional currency at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone.
He affirmed Nigeria’s support for a monetary union with the right fundamentals, which guarantees credibility, sustainability and overall regional prosperity and sovereignty.
The meeting discussed the implementation of the ECOWAS Monetary Cooperation Programme and the ECOWAS Single Currency Agenda.
In the light of the caution raised by Nigeria and some other West African countries at the meeting, ECOWAS leaders resolved to convene an enlarged meeting of the regional bloc on the single currency issue.
