Nigeria, Gambia, Ghana, Liberia and Sierra Leone, along with Guinea, all English speaking nations have issued a communique condemning the WAEMU decision to unilaterally rename the CFA franc as the eco.
The move comes after Benin, Burkina Faso, Guinea-Bissau, Côte d’Ivoire, Mali, Niger, Senegal and Togo (WAEMU) most of which are former French colonies decided to change to a new currency this year to be called the Eco.
Prior to the sudden decision that was announced by Allasane Ouattara, the English speaking nations, ECOWAS had declared intentions to constitute a regional currency and independent monetary union. In June 2019, ECOWAS heads of States made an agreement to adopt the common currency in principle.
According to CNCB, “Ouattara’s sudden announcement that the former French colonies and Guinea-Bissau had already drafted details of the deal and set a timescale appears to have caught counterparts off guard.”
Some however hold that the primary challenge will be in the ‘Eco’ being a possible appellation for both currencies, an occurrence set to pose challenges in its use across borders.
Police arrested over 20 suspects in the Obili neighbourhood of Yaounde, including a 55-year-old drug…
A man believed to be in his early 40s is currently in critical condition at…
Cameroon's Minister of Territorial Administration and also president of the National Hajj Commission, Paul Atanga…
Reports indicate that approximately six individuals, predominantly civil servants returning from celebrations of May 20th,…
South Africa's Economic Freedom Fighters party, led by Julius Malema, has condemned what it says…
The Regional Delegate of Basic Education for the North West Region has officially released the…