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Hopes for a West African single currency fade as Ghana and Nigeria launch digital money

·6 min read
Hopes for a West African single currency fade as Ghana and Nigeria launch digital money

Digital currencies in Ghana and Nigeria are threatening two decades of work towards a common legal tender in West Africa. The adoption of the eco (pdf), a new currency for the entire region, would help remove trade and monetary barriers, boost economic activity, and improve living standards in the community of 385 million people, according to the Economic Community of West African States (Ecowas). Seven currencies are currently in use in West Africa’s 15 countries, with eight mostly French- speaking nations using CFA francs.