English-speaking West African countries on Thursday criticised a move to rename the CFA franc used by former French colonies, saying the move jarred with plans to introduce a region-wide currency of the same name.
Members of the West African Monetary Zone (WAMZ) Convergence Council said they “noted with concern” the December 21 announcement “to unilaterally rename” the CFA franc, used by eight countries, as the Eco by 2020.
The move “is not in line” with plans by regional bloc ECOWAS to adopt a single currency also called the Eco, they said in a statement issued after talks in the Nigerian capital Abuja.
They called for an extraordinary summit of WAMZ “to discuss this matter and other related issues.”
The rebuke came after a major announcement that sought to turn the page on CFA franc’s perceived colonial-era connection.
pulse.com.gh