21:36 - 22.07.2026

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July 22, Fineko/abc.az. The Economic Community of West African States (ECOWAS) has confirmed plans to launch the single regional currency, the ECO, starting in 2027 through a phased implementation.

According to the statement, only countries that meet the established macroeconomic convergence criteria will join the currency in the initial phase, while other member states will receive support to prepare for participation. The transition process was previously delayed because several countries failed to meet the necessary requirements.

The idea of creating the ECO was approved in 2019 to replace the CFA franc, which is pegged to the euro and monitored by the Bank of France. The new currency aims to reduce the region's dependence on external factors and strengthen economic integration.

Currently, various currencies are used across ECOWAS countries (including Nigeria's naira, Ghana's cedi, and others), complicating intra-regional trade. The ECO is expected to simplify cross-border settlements and enhance economic resilience against external shocks.

The bloc currently comprises 12 member states, following the withdrawal of Burkina Faso, Mali, and Niger from ECOWAS in 2025.