ECOWAS reaffirms plan to rollout ECO single currency in 2027

[yixichloro2xx]

But what do you think about this? There has been several times since decades ago that ECOWAS want a single currency called eco, but its launch has been shifted many times and now it is 2027.

It is a welcome development in my opinion because if the Economic Community of West African States start using one currency it will help to give it credibility and strengthen it in the international market since the currency (eco) will comprise of countries in West Africa. This is the kind of bond we want in Africa because this is the kind of strategies that the western countries used to gain solid ground in the international market. However, it will take time to implement since the naira and the currency of other West African countries will still be in circulation. Good to see that some African countries are waking up to modern day reality and of course, modern problems requires modern solutions.

This Eco currency will make it easier for someone to trade in another country. Before if someone want to go Ghana or ivory coast they will have to convert their Naira in other to spend. This can devalue your money , imagine carrying 1M Naira to Ghana , when you convert it you will be given 8000+ Cedis. This kind of currency will help alot in importation and exportation to other continents.we won't stop using the Naira once the Eco is rolled out, it requires alot of time till theres no more circulation of Naira. But my own concern is how strong will it be , could be as strong as the Euros ? Because African countries and inflation +debt are 5 and 6, especially Nigeria who loves borrowing anyhow , and we have the largest GDP compared to other ECOWAS countries. For this currency to be stable, ECOWAS countries needs to be productive, in terms of Agriculture, infrastructures, employment, industries, education, mineral processing, more of export than importation etc.

[Karl_3000]

This Eco currency will make it easier for someone to trade in another country. Before if someone want to go Ghana or ivory coast they will have to convert their Naira in other to spend. This can devalue your money , imagine carrying 1M Naira to Ghana , when you convert it you will be given 8000+ Cedis. This kind of currency will help alot in importation and exportation to other continents.we won't stop using the Naira once the Eco is rolled out, it requires alot of time till theres no more circulation of Naira. But my own concern is how strong will it be , could be as strong as the Euros ? Because African countries and inflation +debt are 5 and 6, especially Nigeria who loves borrowing anyhow , and we have the largest GDP compared to other ECOWAS countries. For this currency to be stable, ECOWAS countries needs to be productive, in terms of Agriculture, infrastructures, employment, industries, education, mineral processing, more of export than importation etc.

In short ECOWAS countries need to be productive in exporting than importing. One of the advantages that the eco will have is that what all countries within ECOWAS will be importing and exporting within themselves will not be in dollars and it will make our lefal tender more recognizable because if more countries spend a single legal currency, it means more people. But I just which our governments are getting it right because inflation is common in Africa.

[gracreavix]

Nigeria has failed many times to meet Eco obligations and if Nigeria meets that obligation then it can use Eco. Most of the obligations is about strengthen the naira before Nigeria can join. That's why they will keep postponing it until it is met. It might surely be postponed again. And even if we meet the obligations, naira can't just be removed at once. It will breeze off gradually until it is no more. But another thing is that Nigeria will be sacrificing the power it has over the naira. As decisions will be made together with all the countries using Eco.

[yixichloro2xx]

This Eco currency will make it easier for someone to trade in another country. Before if someone want to go Ghana or ivory coast they will have to convert their Naira in other to spend. This can devalue your money , imagine carrying 1M Naira to Ghana , when you convert it you will be given 8000+ Cedis. This kind of currency will help alot in importation and exportation to other continents.we won't stop using the Naira once the Eco is rolled out, it requires alot of time till theres no more circulation of Naira. But my own concern is how strong will it be , could be as strong as the Euros ? Because African countries and inflation +debt are 5 and 6, especially Nigeria who loves borrowing anyhow , and we have the largest GDP compared to other ECOWAS countries. For this currency to be stable, ECOWAS countries needs to be productive, in terms of Agriculture, infrastructures, employment, industries, education, mineral processing, more of export than importation etc.

In short ECOWAS countries need to be productive in exporting than importing. One of the advantages that the eco will have is that what all countries within ECOWAS will be importing and exporting within themselves will not be in dollars and it will make our lefal tender more recognizable because if more countries spend a single legal currency, it means more people. But I just which our governments are getting it right because inflation is common in Africa.

This inflation of thing is the main reason why I still don't believe this Eco currency will thrive properly. African countries are not really productive, even though we have the resources, but we lack the right machineries to process them. We rely more on IMF and world Bank loans, instead of we trying to generate our revenue through our resources. The debt that we African countries are incuring is one of the reason why we aren't progressive, because our government spends most of their time trying to pay those loans with money meant for development. For me I would love if the ECO currency launch date could be shifted to 2030 , so that countries can work on themselves and prepare properly before they start to use it. If they are going by this 2027 requirements, I am not sure alot of these ECOWAS countries will meet the minimum requirements. I am very sure that this ECO currency will depend more on Nigeria economy, since we have the most population, GDP, resources (crude oil), industries , etc. Nigeria itself is the father of the ECOWAS.