The Convergence Council of the West African Monetary Zone, on Thursday, faulted the decision of eight West African countries to change their currency’s name from CFA to Eco.
The WAMZ Convergence Council made their position known in a communique issued after the end of an extraordinary meeting of the Ministers of Finance and Governors of the Central Banks of the WAMZ Zone.
Present at the meeting, which was held in Abuja were the Ministers of Finance and Central Bank Governors from Gambia, Ghana, Republic of Guinea, Liberia, Sierra Leone, and Nigeria.
Discussions at the meeting centred around the ECOWAS single currency programme.
The eight West African countries had on December 21, 2019, renamed the CFA Franc as Eco.
The decision to rename CFA to Eco by the eight countries was announced by the President of Cote d’Ivoire, Alassane Ouattara.
The eight countries are 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.
The Federal Government had shortly after the decision issued a statement that it was studying the decision and would take action on the development soon.
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.
Presenting the communique, the Minister of Finance, Mrs Zainab Ahmed, said the meeting noted with concern the declaration by Ouattara to rename the CFA as Eco.
She said, “The meeting notes with concern, the declaration by the Chairman of the Authority of the Heads of State and Government of the West African Economic and Monetary Union on December 21, 2019 to unilaterally rename the CFA Franc as Eco by 2020.
“WAMZ convergence council wishes to emphasise that this action (is) not in line with the decision of the Authority of Heads of State and Government of ECOWAS for the adoption of the Wco as the name of an independent ECOWAS single currency.
“WAMZ Convergence Council reiterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government towards the implementation of the revised roadmap of the ECOWAS single currency programme.”