ECOWAS adopts 'ECO' as name for planned common currency

ABUJA, June 30 (AFP): Leaders of the member states of the Economic Community of West African States, known as ECOWAS, formally agreed Saturday to name a planned common currency the "ECO".

The 15-member group announced at the end of a summit in Abuja, the Nigerian capital, that "ECO was adopted as the name of the ECOWAS single currency."

The idea of a common currency for the West African region was first mooted almost 30 years ago in the hope of boosting cross border trade and economic development.

The aim is to have the currency in place by next year and leaders in Abuja reaffirmed the "gradual approach to the single currency starting with countries that meet the convergent criteria," a statement said.

It said the currency would be based on a flexible exchange rate regime, coupled with a monetary policy framework focused on inflation targeting. Member states should pursue appropriate policies and structural reforms that will sustain accelerated growth and the structural transformation of their economies, it added.