Ouestafnews –Nigerian President Muhammadu Buhari is increasingly adamant and has publicly expressed his exasperation, in the face of the project to introduce the Eco, as a single currency in the west African Economic and Monetary Union area (WAEMU, eight countries).

According to the Nigerian head of state, if they take this step, WAEMU leaders seriously jeopardize the chances of integration and the ambitions that should allow to feed a single currency under r the economic community of West African States (ECOWAS, 15 countries).

The debate on Eco, a very old sub-regional single currency project at the initiative of the fifteen ECOWAS countries, has taken a new turn since December 2019. This was following an announcement by Ivorian President Alassane Ouattara, at a press conference held jointly with French President Emmanuel Macron. During this meeting with the media, the Ivorian president had affirmed that the eight WAEMU countries would adopt l'Eco in replacement of the CFA franc.

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The CFA is used by the eight WAEMU countries, consisting of seven former French colonies (Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo), countries to which has been added Guinea Bissau, a former Portuguese colony.

For the Nigerian president, who relayed his position on his twitter account, " the risks of failure of a regional project are real unless all the Member States of the Community Economic states of West Africa agree with the global objectives already set ".

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This is a clear response to WAEMU member countries that have decided to go it alone by proceeding with the introduction of eco in their zone, distorting the roadmap previously stopped by ECOWAS.

End of June 2019 at the 55th ordinary ECOWAS summit, the 15 member countries agreed on almost all points. Namely on the name and symbol of the Eco, on the flexible exchange rate regime, and on a gradual accession of the Member States, the creation of a regional central bank...

WEAA bond

The reform that WAEMU intends to introduce is, in many respects, the antithesis of the decisions taken by ECOWAS, and in particular on the question of the exchange rate: WAEMU intends to maintain "fixed parity" with the WAEMU 'Euro as for the FCFA franc. However, the Eco as planned by ECOWAS in June 2019 in Abuja will have to have a flexible exchange rate. The other point of friction is also the maintenance of a guarantee of the new currency by the France, as it did with the CFA.

" We have taken that the reform has been approved by the France and the majority of WAEMU member states have changed their legislation to this effect, it is worrying to see a partner take so many measures without opening the discussion with us ," Buhari said.

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First economic power in Africa and undisputed giant in West Africa where it totals 67% of the wealth produced, Nigeria is naturally called upon to play a leading role in the event of implementation of the single currency project in the sub-region.

The WAEMU attitude does not only provoke the rejection of Nigeria, Ghanaian President Nana Akuffo-Addo has also distanced himself by supporting an Eco within the framework of ECOWAS.

Conded in phase with Buhari

At an extraordinary meeting of heads of state and government of the West African monetary zone (which brings together ECOWAS countries that are not members of the CFA zone), Guinean President Alpha Condé he also expressed in favor of " union " in order to achieve the realization of the single currency project, within the framework of ECOWAS.

The Guinean Head of State wants us to stay in tune with the decisions endorsed in the framework of ECOWAS. "We must ask our brothers in WAEMU to respect the decision we have we took at 15," alpha Condé said.

At this meeting, Ghana was represented by the Governor of its central bank, the latter proposed a virtual meeting between the fifteen ECOWAS Heads of State. An initiative to which President Condé subscribes who is of the opinion that it is necessary to "clarify things". "Under no circumstances can Guinea join a monetary zone without the 15 states, this position is clear," insisted Alpha Condé.