- ECOWAS adopts 'Ec' as a symbol for ECO - its planned single currency system.
- Members also adopt Central Bank of West Africa as official bank's name.
- West African nations are planning to launch single currency system in 2020.
The Economic Community of West African States (ECOWAS) has adopted 'Ec' as a symbol for ECO - its planned single currency system ahead of 2020 launch.
The Central Bank of West Africa (CBWA) was also adopted as the official banker's name.
The adoption was finalised at the end of the 56th ordinary session of the Authority of Heads of State and Government of ECOWAS in Abuja.
“The authority commended the ministerial committee for the progress made with the implementation of the ECOWAS single currency programme.
“The Head of State and government take note of the proposed symbols of the ECOWAS single currency and adopt the following as the ECO symbol: Ec.
“As regards the name of the ECOEWAS central bank, the authority adopts the following: Central Bank of West Africa (CBWA)," the communique reads in part.
In July 2019, ECOWAS agreed to introduce a shared currency that will be launched in 2020 for greater structural reforms in West Africa.
The leaders of the 15-African nations directed the commission to join forces with the West African Monetary Institute as well as the Central banks to speed up the implementation of the revised Roadmap concerning the symbol of the single currency.