The Federal Government on Monday said it was studying the decision of eight West African countries to change the name of their common currency to Eco.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed said this in a statement issued by her Media Adviser, Tanko Abdullahi.
Eco is the name of the currency that is being adopted by ECOWAS countries under its single currency regime for the West Africa sub-region.
The adoption of the currency by member countries of ECOWAS is expected to commence in 2020 when they meet the convergence criteria for the monetary union.
The decision of the eight countries that decided to change their currency’s name to Eco is targeted at severing the CFA franc’s links to former colonial ruler France.
The countries include Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
All of these African countries are former French colonies with the exception of Guinea-Bissau.
This Ivory Coast President Alassane Ouattara announced the decision during a visit by French President Emmanuel Macron to Ivory Coast.
But reacting to the development, the finance minister said in a terse statement that the Federal Government had been informed of the development and would respond in due course.
The statement read, “Nigeria has received the news of the change of name of the UEMOA (The West African Monetary and Economic Union) currency, the CFA to Eco supposedly as ECOWAS single currency.
“Nigeria is studying the situation and would respond in due course.”
The idea of the single currency for the West African region was first mooted almost 30 years ago in the hope of boosting cross border trade and economic development.