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The proposed regional currency “Eco” remains in development with no confirmed timeline for replacing the Nigerian naira, according to recent clarifications from government officials and economic experts.
A viral video that has gained traction across WhatsApp and other social media platforms recently claimed that Nigeria would abandon its national currency, the naira, in 2027 in favor of a new regional currency called the “Eco.” The video, created by a content creator known as “Flora the Digital Banker,” suggested that Nigeria and 11 other West African nations would simultaneously adopt this new currency.
The social media post further claimed the implementation would coincide with Nigeria’s 2027 general elections, comparing the proposed monetary union to the European Union’s adoption of the euro. “Beginning from 2027, Nigeria, Ghana, Senegal, Togo, Guinea, Guinea-Bissau, Côte d’Ivoire, Liberia, Sierra Leone, The Gambia, and Cabo Verde will all use the same currency called the Eco,” the creator stated in her widely-shared video.
However, official statements paint a more nuanced picture of the situation. The Nigerian presidency confirmed in February that central bank governors from 12 West African nations are indeed meeting under the Economic Community of West African States (ECOWAS) framework to discuss the Eco currency proposal. These discussions focus on finalizing technical and institutional structures necessary for any potential implementation.
Crucially, the presidency emphasized that the Eco remains in development stages, with its adoption contingent on countries meeting specific macroeconomic convergence criteria. This follows the European Union model, where nations must achieve certain economic benchmarks before joining a common currency.
“The proposed ECO currency forms part of a wider integration architecture that draws lessons from the European Union model,” the presidency statement noted. It further explained that the currency would complement existing ECOWAS instruments like the regional passport while advancing plans for harmonized financial systems.
The initial implementation phase would potentially involve Nigeria, Ghana, Liberia, Sierra Leone, Guinea, and The Gambia—but only if these nations meet agreed-upon economic standards. This conditional approach contrasts sharply with the viral claim suggesting an automatic, region-wide adoption by 2027.
No official statement from the Nigerian government, the Central Bank of Nigeria, or ECOWAS has announced that the naira will cease to exist by 2027 or any other specific date. This fact directly contradicts the viral claim’s central assertion.
The Eco currency project has a lengthy history marked by multiple delays. ECOWAS first discussed the concept decades ago, with formal adoption of the name “Eco” occurring in 2019. Following this, bloc leaders met in Abuja to evaluate recommendations for implementing a single-currency system across the region.
After years of discussions, ECOWAS announced at a Banjul meeting in August 2025 that the Eco could potentially be introduced by July 1, 2027. Even at the most recent ECOWAS summit in December 2025, leaders reaffirmed their commitment to working toward this timeline but did not mandate automatic replacement of national currencies.
Economic analysts note that previous attempts at regional currency integration have faced significant challenges, with member states struggling to meet convergence criteria including inflation thresholds, fiscal deficit limits, and foreign reserve benchmarks.
The video’s claim that Nigeria is “pushing for not wanting France to be part of the outside power” that would control the currency does reflect genuine regional concerns about monetary sovereignty, particularly given France’s historical influence over the CFA franc used in several West African nations. However, this aspect doesn’t validate the broader claim about the naira’s imminent replacement.
For now, 2027 remains simply a target date for potential progress on the Eco, not a guaranteed deadline for eliminating the naira or any other national currency in the region.
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8 Comments
While the idea of a regional currency could have benefits, the rushed timeline and lack of official confirmation raises some red flags. I’ll be following this story closely to see how the plans for the ‘Eco’ currency evolve.
The comparison to the EU’s euro adoption is an interesting analogy, but the West African context is quite different. I wonder what challenges and obstacles the ‘Eco’ currency initiative might face in terms of economic and political coordination.
The proposed ‘Eco’ currency sounds like an ambitious plan, but the logistics and coordination required across multiple countries make a 2027 implementation timeline seem quite aggressive. I’ll be curious to see how this develops in the coming years.
Interesting development, but the details and timelines seem quite fluid at this stage. I’ll be curious to see if the West African nations can overcome the logistical and political hurdles to implement a shared currency like the ‘Eco’.
Interesting development, but the timeline for the ‘Eco’ currency rollout in West Africa remains uncertain. It will be important to monitor official statements and progress on this regional integration effort.
It’s good to see the Nigerian government pushing back on the inaccurate claims around the ‘Eco’ currency timeline. Fact-checking and clarifying misinformation is important, especially on financial and economic issues.
Thanks for the fact check. It’s important to be skeptical of viral social media claims, especially around complex economic and policy changes. I appreciate the effort to provide more nuanced, evidence-based information on the ‘Eco’ currency proposal.
This seems to be an oversimplified or exaggerated claim. From the details provided, it appears the ‘Eco’ currency is still in development with no confirmed timeline for replacing the Nigerian naira. Caution is warranted around unverified social media claims.