ECOWAS Central Bank Governors Meet for Eco Currency Launch

Central Bank governors from 12 West African countries, including the Central Bank of Nigeria (CBN), met in Monrovia, Liberia, to accelerate preparations for the anticipated launch of the eco currency in 2027. This high-level three-day meeting aimed to finalize key policies and align governance structures necessary for the operationalization of the single currency project.

The session, described in a statement on Saturday, marked a significant milestone in strengthening economic integration and enhancing monetary cooperation to facilitate cross-border trade in West Africa. Following the December 2025 ECOWAS summit in Abuja, heads of state reaffirmed their commitment to the 2027 launch date, directing member states to expedite fiscal and monetary policy convergence to ensure stability and sustainability.

The proposed monetary union is inspired by elements of the European Union model and is expected to complement existing regional instruments like the ECOWAS passport. However, challenges such as macroeconomic divergence, inflationary pressures, and fiscal deficits persist, necessitating strict adherence to convergence criteria and robust institutional governance frameworks.