For the past few days, viral messages have claimed that Nigeria, Sierra Leone, and Gambia have “rejected” the Eco common currency project. After verifying the ECOWAS statements, official declarations, and positions of the concerned states, this claim is false.
In reality, these three countries are among the historical members of the West African Monetary Zone (WAMZ), created precisely to prepare for the introduction of the Eco. This zone includes Nigeria, Ghana, Gambia, Sierra Leone, Guinea, and Liberia. For over twenty-five years, they have been working to meet the convergence criteria leading to a common currency.
The confusion dates back to 2020
The origin of this rumor is old. In January 2020, Nigeria, Gambia, Sierra Leone, Ghana, Guinea, and Liberia strongly reacted to the UEMOA’s announcement to transform the CFA franc into the “Eco.” Contrary to what has often been reported, they were not rejecting the common currency. They denounced a unilateral appropriation of its name and believed that this initiative did not respect the roadmap collectively adopted by the fifteen ECOWAS states.
Their position was institutional: the Eco was supposed to result from a community process involving all member states, not just a name change from the UEMOA’s CFA franc. This nuance was largely lost in the public debate.
Nigeria remains a central player
As the largest economy in ECOWAS, representing nearly 70% of the regional GDP and over half of its population, Nigeria has never announced its withdrawal from the Eco project. Abuja still participates in the central bank governors’ meetings, finance ministers, and heads of state dedicated to the monetary union.
However, Nigerian authorities consistently advocate that a single currency can only be viable if economies truly converge. They emphasize the importance of respecting criteria such as budget discipline, inflation control, exchange rate stability, and debt sustainability before circulating the Eco.
Gambia and Sierra Leone reaffirm their commitment
Gambia officially reaffirmed its commitment to the Eco project in 2026, calling on member states to continue efforts to achieve the common currency. Sierra Leone also continues to participate in the West African Monetary Zone’s activities.
To date, there has been no official statement from Banjul, Freetown, or Abuja indicating a rejection, withdrawal, or abandonment of the project.
What has actually changed
The real change concerns the launch strategy. At its July 2026 summit, ECOWAS confirmed a gradual approach. The Eco will not be launched simultaneously by the fifteen member states. Countries meeting convergence criteria will form an initial core, with others gradually joining the monetary union as they meet macroeconomic requirements.
This approach marks a significant turning point. It breaks away from the “all or nothing” logic that has long delayed the project and draws more from the lessons learned from the eurozone construction.
Confusion between skepticism and rejection
The skepticism expressed by some states, notably Nigeria, does not concern the principle of a single currency but its implementation modalities. Debates revolve around the governance of the future central bank, convergence criteria, timeline, financial solidarity mechanisms, and guarantees of macroeconomic stability.
In other words, these countries are not saying “no to the Eco”; they are saying “yes, but not under any conditions.”
Verdict
Publications claiming that Nigeria, Sierra Leone, or Gambia have “rejected the Eco” are misinformation. None of these countries has officially renounced the ECOWAS common currency project. The observed divergences concern exclusively the timeline, technical, and institutional conditions of its implementation.
In a strategic debate like that of West African monetary integration, the distinction between criticizing the implementation modalities and rejecting the project itself is essential. It is precisely this nuance that the false information currently circulating on social media tends to erase.
