President Mohammadu Buhari on the 23rd of june to took his twitter handle to address The UEMOA Zone, a zone of six West African countries, (Benin Senegal, Cote D’Ivoire, Togo, Guinea-Bissau, Burkina Faso) on his dissatisfaction over sidelining Nigeria in the Zone’s agreement to take up Eco in replacement for its CFA franc.
“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.
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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.
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We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.
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”.
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(c) June 2020