Buhari lays 5 conditions for membership of Nigeria to the Eco currency.
Here are the conditions posed by the Nigerian president to France for the accession of Nigeria to Eco(the new currency of ECOWAS countries)
1- No direct debit and no deposit to the French treasury of the currencies in Eco zone countries.
2- No intermediary in the convertibility between Eco, Euro, and Dollar.
3- ECOWAS must manage the Eco itself in a sovereign manner.
4- The Eco must be convertible with all the currencies of the world
5- The Eco should be printed in Africa and not in France.
“No country can develop without monetary independence. We need a new Community currency which is not managed from the outside.
The principles that govern the CFA Franc must be thrown in the trash. Africa needs a monetary policy that meets its own needs and
interests. ”- Said Nicolas Agbohou.
With all the five points named above, will France yield and finally grant monetary sovereignty to the African countries of ECOWAS? Wait
From CFA to Eco
The CFA franc was initially pegged to the French franc and has been linked to the euro for about two decades.
Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo currently use the currency. All the countries are former
French colonies with the exception of Guinea-Bissau.
The announcement was made Saturday during a visit by French President Emmanuel Macron to Ivory Coast, the world’s top cocoa
producer and France’s former main colony in West Africa.
Ivory Coast President Alassane Ouattara, speaking in the country’s economic capital Abidjan, announced “three major changes”.
These included “a change of name” of the currency, he said, adding that the others would be “stopping holding 50 percent of the reserves
in the French Treasury” and the “withdrawal of French governance” in any aspect related to the currency.
Macron hailed it as a “historic reform”, adding: “The Eco will see the light of day in 2020.”
The deal took six months in the making, a French source said.
By John Paul Sama