CBN, West African Banks, Finalise 2027 Eco Currency Launch

Governors of central banks from 12 West African countries, including the governor of the Central Bank of Nigeria (CBN), are meeting in Monrovia, Liberia, to finalise technical and institutional arrangements for the launch of the Eco, the region’s long-awaited single currency, scheduled for 2027.
The Presidency of Nigeria confirmed the development in a statement released Saturday, noting that the three-day session, convened under the Economic Community of West African States (ECOWAS) framework, is focused on harmonising policies and governance structures essential to operationalising the currency.
“The Eco currency forms part of ECOWAS’ broader integration architecture, designed to mirror aspects of the European Union model,” the statement said. “The initiative aims to complement existing regional instruments such as the ECOWAS passport, while promoting harmonised financial systems and greater regional mobility.”
According to the statement, the first phase of implementation will involve Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, contingent on each country meeting agreed macroeconomic convergence criteria and establishing required institutional governance frameworks.
The Monrovia meeting follows the December 2025 ECOWAS Summit in Abuja, where Heads of State and Government reaffirmed their commitment to the 2027 launch date and directed member states to accelerate fiscal and monetary policy alignment to ensure a stable and sustainable monetary union.
The Eco project has experienced repeated delays over the years, mainly due to macroeconomic divergence, inflationary pressures, fiscal deficits, and exchange rate instability among member states. Nevertheless, officials say the renewed push signals a strategic intent to strengthen regional economic integration, monetary discipline, and policy coordination.
The Eco aims to achieven the facilitation of trade through a unified payment system, enhancement of price stability, to curb inflationary pressures,
attract foreign investment by presenting a more stable economic bloc,improve cross-border transactions, and simplifying operations for regional businesses.
Despite these potential benefits, challenges remain, including divergent fiscal policies, high inflation in some economies, foreign exchange volatility, and the need for robust institutional frameworks to manage the single currency effectively.
If successfully implemented, analysts say the Eco could reshape trade and investment flows across ECOWAS, reduce currency conversion costs, and strengthen intra-regional commerce.