ECOWAS reject 'Eco' currency

Nigeria and five other West African countries have rejected the use of 'Eco' as the region's common currency.
The rejection, which points to divisions among members of the Economic Community of West African States, ECOWAS, might result in a face-off with the Francophone countries of the region, which have unilaterally adopted the use of the 'Eco' currency by renaming the French- backed CFA franc. The Eco, like the outgoing franc, will be pegged to the euro and it will eliminate the requirement for members to lodge half of their reserves in the French treasury. Nigeria, Gambia, Ghana, Liberia, Sierra Leone, and Guinea rejected The 'eco' currency plans in a joint statement at the end of a West African Monetary Zone meeting of ministers of finance and governors of central banks in Abuja, Nigeria, last week. For more on this,