In 2022, the country’s revenue was estimated at $11.63 billion while the per capita income was $800. These Eight countries are - Mali, Niger… Adresse : Résidence AYA 3ème étage A24, Rue MZ81X96 Dakar, Sénégal© COPYRIGHT 2016 African Press Agency - Reproduction rights with prior authorization - Developped by In December 2019, the adoption of Eco common currency by the eight francophone countries was lauded by the International Monetary Fund (IMF), showing readiness to … The former colonial power notably hosts half their foreign exchange reserves in exchange for the convertibility of the CFA franc with the euro.Get your free PDF: The 100 most influential Africans, 2019 editionComplete the form for your free download of The Africa Report’s 2019 list of the 100 most influential Africans. In 2020, the region is set to get a long-discussed new currency: the Eco. NEWS provided by To enable commenting and other interactive features, please switch to the more advanced Get the latest news and analysis of issues from Nigeria, Africa and around the world, direct into your inbox, daily By downloading this PDF you agree to subscribe to The Africa Report Daily newsletter
Lagos, Nigeria (CNN) As part of its plans to make Africa a more integrated continent, leaders of the Economic Community of West African States (ECOWAS) have adopted the name 'ECO' for a …
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Mr. Yunusa Abdullahi, Special Adviser, Media and Communication to the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said in Abuja on Monday that the government is looking into the landmark change by the West African Economic and Monetary Union (UEMOA) to the Eco.Eight West African countries' decision to change the name of their common currency to the Eco, effectively severs the CFA franc and their monetary links to former colonial power, France.These countries are Benin Republic, Burkina Faso, Guinea-Bissau, Cote d’Ivoire, Mali, Niger, Senegal and Togo.All of them are former French colonies with the exception of Guinea-Bissau which was under Portuguese colonial rule.Reacting to this development, Ahmed said Nigeria as a country would respond in due course.With a population of almost 200 million, Nigeria is the biggest economy in West Africa, accounting for 60 percent of its total reserves and about 70 percent of the region's GDPIf it comes into fruition, to many the Eco will still feel like an unfinished business if the region's biggest economy remains missing from the single currency jigsaw.And it is widely reported in the local media in Nigeria that Abuja's position on the eco is underpinned by five "non-negotiable conditions" before it would join the single currency.They include no levy and no deposit to the French treasury of the shared currency of the countries making up the future eco zone, which had applied with the CFA francs, and no intermediary in the convertibility between the eco, euro and dollar.Abuja is also reportedly fiercely championing the cause of Ecowas managing the eco currency "in a sovereign way" and ensure its notes are printed in Africa and not France like the CFA franc.The Francophone countries in the region are yet to react officially to these reported conditions. United Kingdom Pounds.
NEWS Each day, get the essential: 5 things you need to know. These Eight countries are - … The currency is planned to be introduced in 2020. 01:04 XOF. These countries are Benin Republic, Burkina Faso, Guinea-Bissau, Cote d’Ivoire, Mali, Niger, Senegal and Togo. Coronavirus: Rwanda Update COVID-19 31 August 2020 swap_vert. CFA BCEAO Francs, XOF is the national currency in Niger. 02:20
President Nana Akufo-Addo of Ghana (left); President Jose Mario Vaz of Guinea Bissau; President Ibrahim Boubacar Keita of Mali; President Alassane Ouattara of Cote d’Ivoire; the President, ECOWAS Commission, Dr. Jean-Claude Kassi Brou; Chairman of the ECOWAS Authority of Heads of State, President Muhammadu Buhari; President Alpha Conde of Guinea; President Mahadou Issoufou of Niger Republic; President Faure Gnassingbe of Togo and President Patrice Talon of Benin Republic during the 55th Ordinary Session of the ECOWAS Authority of Heads of State and Government Meeting at the State House Conference Centre, Abuja. Meanwhile Ghana has said it may jump on board the eco because a shared currency would guarantee regional trade flows and the free movement of peoples across the region.The Gambia, Sierra Leone, Liberia and Guinea have not reacted officially to the announcement of a single Eco currency for the region.This news portal is an aggregation of all its news sites powered in real time by a network of correspondents. More info in our The Authority of ECOWAS Heads of State and Government on Saturday adopted ECO as the name of the single currency to be issued in January 2020.
The 15-nation bloc last year set the goal of creating a single currency, also named the Eco, in 2020. Disclaimer: conversions are for illustration purposes only. Based in each African country and in each of the largest capitals in Europe, Asia and the Americas.