Eco Currency: Buhari's scathing warning about ECOWAS
View pictures in App save up to 80% data. Muhammadu Buhari , President of Nigeria , spoke for the first time of a possible dislocation of the economic community of West African States (ECOWAS), if the new Eco currency replaces the CFA franc in the area UEMOA. The Nigerian head of state made this declaration on Wednesday, June 24, 2020. For Nigeria , there is practically no difference between the current CFA franc and the eco-zone of the UEMOA. In a series of tweets, the Aso-Rock tenant stressed the urgency of clarifying the situation. Muhammadu Buhari , whose country accounts for more than 60% of ECOWAS GDP, said that he had bet enough on the single currency project,"To let things happen at the convenience and convenience" .
"A feeling of unease"
“It gives me a feeling of uneasiness that the UEMOA Zone wishes to take back the Eco to replace its CFA Franc before the other ECOWAS member states. It is disturbing that a people with whom we wish to join a union is taking important steps without trusting us for discussion. " He let see on Twitter. Note that it has been more than six months, after the announcement by President Alassane Ouattara and his French counterpart Emmanuel Macron , that the bill amending the WAEMU treaty is still on the tables of the French Parliament, as well national parliaments of member countries.
The right to appoint representatives
In this bill, the eco currency has a fixed exchange rate with the European currency: the Euro. Despite the departure of French representatives from the monetary policy bodies of the new currency, the status of financial guarantor gives France the right to appoint representatives to the Monetary Policy Council of the central bank of the African States from the west (BCEAO), if we come to crisis situations.