Nigeria calls for delay in new regional currency launch

MAIDUGURI, Nigeria

Nigeria has called for a delay in the launch of a new regional currency for the West African states.

Economic Community of West African States (ECOWAS), a regional body for West African nations proposed to introduce ECO, a common currency for the economic activities in the region.

"Nigeria’s position on the ECO Currency is that the convergence criteria have not been met by majority of the countries," the country’s presidency said on Twitter.

The presidency called for an extension of time “on the take-off of the single currency regime”.

ECOWAS said the single currency's goal is to replace CFA franc, a France-backed currency used by former colonies in the region.