(Bloomberg) -- The Economic Community of West African States has agreed on the name “ECO” for the single currency to be used in the region, the 15-nation body said Sunday in a communique.
The commission adopted a flexible exchange rate regime along with the name, according to the statement. The new currency is to be issued starting in January, the Daily Trust newspaper reported.
Read more: West African Finance Ministers Inch Closer to Single Currency
The regional body will now work with the West African Monetary Agency, West African Monetary Institute and central banks to speed implementation of a revised single-currency road map, to be presented at the next regular meeting, according to the communique.
Ecowas members including Nigeria, Ghana, Guinea and Liberia have their own currencies. The bloc's French-speaking members have since colonial times used the CFA franc, which is now pegged to the euro.
--With assistance from Elisha Bala-Gbogbo and Ruth Olurounbi.
To contact the reporter on this story: Tope Alake in Lagos at talake@bloomberg.net
To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net
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