Buhari rejects France backed CFA Franc switch to ECO by West African Economic and Monetary Union (UEMOA) Zone countries.

 Nigeria's President Muhammadu Buhari has cautioned the West African Economic and Monetary Union Zone countries on adopting France backed ECO. Buhari also said that "It gives me an uneasy feeling that the UEMOA Zone wishes to take up the Eco in replacement for its CFA Franc ahead of other ECOWAS Member States. It‘s a matter of concern that a people with whom we wish to go into a union are taking major steps without trusting us for discussion."

Buhari stated that Nigeria fully supports and is committed to a monetary union with the right fundamentals—a union which guarantees credibility, sustainability and overall regional prosperity and sovereignty. But we must do things properly and ensure absolute compliance with the set standards. We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it. We need to be clear and unequivocal about our position regarding this process.

Buhari further said that the region must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy."

Image: Twitter  @AhmadBeello 

Africa Team