Changing of Nigeria currency from Naira to Eco

As part of the plan to improve corporation and promote trade among the countries that make up West Africa, leaders of the region have concluded plans for a single currency to be used by members of the Economic Community of West African States (ECOWAS).

ECOWAS had at a conference in Abuja, announced that the currency of six members state, including Nigeria would be changed. It therefore means that when the plan is implemented, the Nigerian Naira would be changed to the new ECOWAS currency to be called ECO. The plan is billed to commence by January 2020.

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According to a report by CNN, ECOWAS will be working with West African Monetary Agency (WAMA), the West Africa Monetary institute (WAMI) and central banks of the concerned countries to speed up the implementation of a New Road map for the proposed single Trade currency.

The currency, ECO is expected to boost Economic Development in the West African Region and improve Cross border Trade.

If implemented, countries across the West African Region will be able to move and spend money across different countries without worrying about exchange rate costs. It is also expected to help improve trade by allowing specific countries to specialise at what they are best at, according to Economic analysts, Tokunbo Afikuyomi.

He said that the ECO will also help to address the West African Region’s Monetary Problem like the difficulty in changing some of its currencies.

But Despite these possible Advantages, economic analysts are worried about the lack of integration policies among member countries of the Regional body.

However, I personally think changing of the currency would only be fully successful and beneficial to Nigeria if the payment of workers would be increased drastically because it would affect things such as school fees, house rent, cost of things and major and minor expenses for families.