President Muhammadu Buhari warned on Tuesday that ambition for the eco, the regional currency, could be "seriously threatened" unless member states respect agreed processes to achieve the collective goal. President Buhari also expressed concern about the decision of the French-speaking countries that make up the West African Economic and Monetary Union (WAEMU) to replace the CFA franc with the Eco before the rest of the member states. He delivered Nigeria's position on the new regional currency at the virtual extraordinary meeting of the West African Monetary Zone (WAMZ) Heads of State and Government Authority. The meeting discussed the implementation of the ECOWAS Monetary Cooperation Programme (EMCP) and the ECOWAS Single Currency Agenda. "Excellencies, you all know the history of the Eco so far, so I'm not going to bore you with that. We have returned to a one-track approach, abandoning Eco which is the original idea of WAMZ so that the ECOWAS-wide programme can thrive. In this regard, we have made remarkable progress, including the adoption of the exchange rate regime, the name and model of the Common Central Bank, and the symbol. We urged our ministers to move quickly on the path to success. This gives me an embarrassing feeling that the WAEMU zone now wants to take back the Eco to replace its CFA franc before the rest of the member states. This is in addition to the gap in the Community act on the coherent achievement of convergence in the three years preceding the introduction of the currency and our subsequent strengthening directives. I am informed that the French ministers have approved a bill to reform the CFA franc and most, if not all, of the WAEMU member States have already adopted legislation to this effect in their various parliaments. It is worrying that a people with whom we wish to join a Union is taking these important steps without trusting us for the discussion," he said.

President Buhari, who assured ECOWAS leaders of Nigeria's commitment to the ECOWAS single currency, urged them to critically consider the recommendations made by the Convergence Council and adopt a common position to protect the West African Monetary Area from the pitfalls of a dubious union. He affirmed Nigeria's support for a monetary union with the appropriate foundations, which guarantee global regional credibility, sustainability, prosperity and sovereignty.

According to the President, Nigeria also believes that given the potential contractions and even losses related to the global Covid-19 pandemic, Member States can only be overly cautious about meeting established standards. "We cannot make a fool of ourselves by joining a Union in order to disintegrate, potentially at the earliest when we enter it. We must be clear and unequivocal about our position on this process. We must also communicate them effectively to the outside world. We have all bet so much on this project to leave things to convenience and convenience. Ladies and gentlemen, Heads of State and Government, it is clear that we are at a crossroads. We must continue with caution and respect the agreed process to achieve our collective goal while treating each other with the utmost respect. Without it, our ambitions for a strategic monetary union as an ECOWAS bloc could very well be seriously threatened," he said.

In light of the caution expressed by Nigeria and some other West African countries at the meeting, ECOWAS leaders decided to convene an expanded meeting of the regional bloc on the issue of the single currency.