The Minister of Finance, Budget and National Planning, Zainab Ahmed, said Monday the Federal Government was studying the decision of the Francophone West African countries to change the name of their currency CFA franc to Eco.

Ahmed, who disclosed this in a statement issued by her Special Adviser on Media and Communication, Mr. Yunusa Abdullahi, in Abuja, said the federal government would react to the development after studying the situation.

Eight countries who are members of UEMOA – West African Economic and Monetary Union – namely Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo, had at a recent meeting with French President, Mr. Emmanuel Macron, took the decision to change from CFA franc to Eco.

The Economic Community of West African States (ECOWAS) had earlier proposed Eco as the common currency for countries in the sub-region.

Ghana came out afterwards to express interest in adopting the Eco as well.

The statement read: “Nigeria has read the news of the change of name of the UEMOA currency, the CFA to Eco. Nigeria is studying the situation and would respond in due course.”