President Muhammadu Buhari on Tuesday faulted plans by Francophone countries that constitute the West Africa Economic and Monetary Union (UEMOA) to adopt a new currency, Eco, over the CFA.
According to him, the proposal for a single currency in the Economic Community of West African States (ECOWAS) region might be severely hampered except member countries complied with agreed modalities of reaching the common goal.
A statement by his Special Adviser on Media and Publicity, Femi Adesina, revealed that the president declared Nigeria’s position at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone.
“It gives me an uneasy feeling that the UEMOA Zone now wishes to take up the Eco in replacement for its CFA Franc ahead of the rest of the member states.
“This is in addition to deviating from the Community Act on a consistent attainment of convergence in the three years running up to the introduction of the currency, and our subsequent reinforcing directives.
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“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.”
The president said it was a matter of concern that the people the country intended to enter a union with were taking major steps without trusting it for discussion.
He therefore called for caution and emphasised the imperative of complying with the agreed process of achieving the common goal while treating each other with utmost respect.
France had agreed on 20th May to terminate its engagement with pegging the West Africa CFA Franc, meaning countries in agreement will no longer have to deposit half of their foreign reserves with France.
Consequently, the Francophone countries decided to adopt the new Eco currency instead.
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