President Muhammadu Buhari calls for caution as the West African countries works toward a common currency (The ECO) for the sub-region. The concern of Mr. President was made available on his Twitter handle as follows:
“It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States. It‘s a matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion.
Nigeria fully supports and is committed to a monetary union with the right fundamentals—a union which guarantees credibility, sustainability and overall regional prosperity and sovereignty. But we must do things properly and ensure absolute compliance with the set standards.”
The Nigerian President went further and started that:
“We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it. We need to be clear and unequivocal about our position regarding this process.
We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.”
“We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy.” He concluded.
The move for the ECO is long overdue, and most citizens of the ECOWAS countries will like to see it come to fruition soon than later, especially when one put into consideration the increasing volumes of trade between them despite some structural challenges in following the ECOWAS protocol on free movement of goods and persons within the sub-region.