The National Association of Nigerian Traders (NANTS), has called for a comprehensive economic costs and benefits analysis of the ECO single currency before activating its full usage. Mr Ken Ukaoha, President of the association made the call on Saturday in a statement made available to News Agency of Nigeria (NAN), Abuja. Ukaoha said the economic costs and analysis would help the population to understand ECO currency’s rationale and the overall implications of such an unknown step that was being collectively taken. NAN recalls that eight West African countries had agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler France.
The countries include Benin republic, Burkina Faso, Guinea-Bissau, Cote d’Ivoire, Mali, Niger, Senegal and Togo. “Our attention has been irresistibly drawn to the subject of an ECOWAS Single currency (ECO) as recently approved by the Authority of Heads of States and Government in the West African region on Dec. 21, 2019.