currency

ECOWAS Currency: Bridging West Africa The idea of a unified West African currency, known as the Eco, is as ambitious as it is inspiring. Imagine a future where crossing borders within West Africa doesn’t involve exchanging currencies—a future where trade and interaction flow seamlessly across countries. This is the vision behind the Eco, a currency anticipated to act as a unified medium of exchange, fostering trade and economic unity across the region. During a meeting held in Abuja—the heart of Nigeria’s administrative…

The Nigerian government is navigating turbulent economic waters with a decisive move to bolster the Naira. By injecting more than $8 billion into the economy, authorities aim to restore confidence in the local currency. This significant capital infusion has already shown promising effects, as the Naira has begun to regain strength across the foreign exchange market. Yet, amidst this nascent recovery, a sense of caution looms large. Economists caution against complacency, suggesting that this newfound appreciation may be…

Each year, a spiritual journey beckons millions, calling on the faithful like a siren with promises of divine grace and fulfillment. The pilgrimage to Mecca, known as Hajj, isn’t merely a travel undertaking; for Muslims, it stands as a sacred duty among the five pillars of Islam. This year, the journey comes with an unexpected twist that’s left pockets lighter and hearts heavier in Somalia's Somali Regional State. "Having to foot the bill in foreign currency really doesn't help anyone sleep soundly," chuckled Mohamed…

Lawmakers are pressing Finance Minister Mthuli Ncube to deliver a comprehensive statement addressing the recent plunge in value of Zimbabwe's newly unveiled gold-backed currency. Dubbed the ZiG, or Zimbabwe Gold, this currency made its debut in April. However, it has already suffered a staggering decline of more than 40%. This drop stems from mounting market pressure urging the Reserve Bank of Zimbabwe to establish a more realistic and pragmatic exchange rate. Throughout the last several years, efforts to create a stable…

Announced at the end of last year that Eco, which is to replace the CFA franc from 2020, will eventually have to wait. Apart from the requirement that certain civil society organizations and certain economists demand the disappearance of the CFA franc, current users of this currency rarely speak on a daily basis. "Does our…