President Muhammadu Buhari on Tuesday, reacted to the decision of The West African Monetary and Economic Union to take up Eco ahead of other ECOWAS member States. In a statement he raised concerns about this move.
“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.
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.
We 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.
The West African Monetary and Economic Union (also known under the French acronym, UEMOA) was established with the Treaty signed in Dakar on 10 January, 1994 by the Heads of State and Government of seven West African countries using the CFA Franc in common.