New currency for West Africa

An indication that Nigeria and other West African states may turn to the use of a new currency in 2020 is gradually emerging.
This is part of ongoing efforts by ECOWAS nations to forge closer ties, promote regional integration and trade.
Should the proposed plan which has been postponed in the past come into force, the naira, the CFA meant for former French colonies and other currencies that are in use in 17 West African countries would seize to be legal tender.
In their place, a single currency known as the Eco would in 2020 become the official currency of West African states.
The idea to float the Eco has been on stream for years.
No date has been fixed officially for the change, but the feeling that 2020 might be the year is picking up momentum in some governmental circles.
Accordingly, a Central Bank for West Africa, CBWA, is to be established to drive the monetary as well as fiscal policies required to reposition the sub continental economy.
Nigeria has been behind efforts over the years to create an economic community of West African countries.
In Nigeria where corrupt officials are known to store stolen capital outside the banking and financial system, there are growing fears that the new currency might portend great danger.

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