Nigeria’s President Muhammadu Buhari has warned that the quest to adopt the Eco as a common currency for the West Africa sub-region could be a misadventure except members of the Economic Community of West African States comply with the processes and commitments that led to the initiative.
In a statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu, the president also articulated his fears over the decision of francophone nations, under the auspices of the West African Economic and Monetary Union, to ‘hastily’ replace the CFA with the Eco.
Buhari spoke while delivering Nigeria’s position on the proposed legal tender at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone.
The forum discussed the implementation of the ECOWAS Monetary Cooperation Programme and the ECOWAS Single Currency Agenda.
Assuring the sub-regional leaders of the most populous black nation’s zeal to actualise the single currency, the Nigerian leader, however, urged them to critically consider the recommendations of the Convergence Council with a view to safeguarding the zone.
He affirmed the nation’s support for a monetary union with the right fundamentals that guarantee credibility, sustainability and overall regional prosperity and sovereignty.
Besides, the president has directed state and federal authorities to assist victims of the Oba Market inferno in Benin City, Edo State.
In addition, he ordered investigation into the incident to avert future recurrence.
He stated, “Our thoughts and prayers are with those who lost their shops and wares.”