Leaders of the Economic Community of West African States (ECOWAS) have adopted the name ‘Eco’ for a planned single currency to be used in the region.
The 15 member group announced the planned launch of the currency in 2020 with six member countries, including Nigeria, Liberia and Ghana, potentially swapping their national currencies for the new Eco.
Similar to the Euro, the currency is intended to boost economic development in the West African region and improve cross-border trade, with the announcement coinciding with the launch of a new 55-nation free trade agreement covering the entire African continent with the exception of Eritrea.