Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States have advanced plans to launch the single currency initiative, known as the ECO.
This initiative envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement.
According to Punch, the single currency is part of the features in the three-in-one Identity cards planned by the National Identity Management Commission and set for roll-out by August.
A statement from the Ministry of Finance signed by the Director Of Press, Mohammed Manga, on Friday, said Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted the critical role the ECO will play in fostering “economic growth and development in the region,” further emphasising Nigeria’s unwavering commitment to its successful implementation.
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The statement noted that participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the fifteen ECOWAS member states.
“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.”