ECOWAS adopts ECO as single currency

The Authority of Economic Community of West African States (ECOWAS) Heads of State and Government has adopted a flexible currency regime after making considerable progress on plans for a single currency.

The body said the bloc had made considerable progress on the single currency and has adopted “ECO” as its name.

But the region would first need to set up a monetary union as it strives for regional integration.

The Heads of State of the 15-member body met at its 55th Ordinary Session in Abuja at the weekend to review progress on integration, the body said in a statement.

Also, ECOWAS Chairman and Nigerien President Issoufou Mahamadou said the revised roadmap stipulates that the single currency would be issued in January 2020.

– TheNation