ECOWAS postpones single currency launch

The Economic Community of West African States (ECOWAS) on Tuesday postponed the launch of its planned single currency, Eco.

In a communiqué issued at the end of the 57th Summit of the Heads of State and Government of ECOWAS in Niamey, Niger, the sub-regional body agreed to apply a gradual approach regarding the launch of the currency.

ECOWAS added that a new date for the launch of the currency would be announced later.

The communiqué read: “Member States are to be exempted from compliance with the convergence criteria in 2020, while also developing a new macroeconomic convergence and stability pact among the ECOWAS member states.”