In 2020, Nigeria might be saying bye bye to the Naira as its official currency, as it adopts a new currency called the ‘Eco’.
Countries in the franc region and other West African nations such as Nigeria and Ghana, which have their own currencies, have for decades debated creating their own currency, the Eco.
The official symbol for the Eco will be ‘Ec’.
The ‘Eco’ is a single currency that will be adopted by West African countries as from next year as part of the sub-region’s greater structural reforms.
Unfortunately, there is no official value for the Eco currency yet.
But the 17 West African countries are expected to adopt the Eco currency when it will be released. These countries are Benin Burkina Faso, Cape Verde, Cote d’Ivoire (Ivory Coast), The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Saint Helena, Senegal, Sierra Leone and Togo.
It’s not just Nigeria that will be dropping their currency “Naira”, even the French speaking West African countries will ditch the CFA Franc, known as “Colonies Francaises d’Afrique,” which was established in 1945 and pegged to the Euro since 1999.
According to reports, the Eco notes will feature great African legends and showcase features of West Africa.
The official bank for the sub-region’s currency will be known as the Central Bank of West Africa (CBWA).
A specific launch date for the Eco has not yet been announced but it has been speculated that January or February 2020 is when the single currency will be launched.
At the moment only eight West African countries are 100% percent sure of using the ECO from the year 2020. These countries include Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo
There’s high expectations that the Eco is expected to be adopted by Nigeria, Ghana and more West African countries in 2020.