Governors of central banks from 12 West African countries, including the Governor of the Central Bank of Nigeria, have convened in Monrovia, Liberia, to advance technical and institutional preparations for the planned 2027 launch of the Eco regional currency.

Nigeria’s Presidency disclosed this in a statement issued on Saturday.

The three-day meeting, held under the framework of the Economic Community of West African States, is aimed at finalising key policy alignments and governance structures needed to operationalise the single-currency initiative.

According to the statement, the meeting marks a decisive step toward deepening economic integration, strengthening monetary cooperation, and promoting cross-border trade across West Africa.

“The Eco currency forms part of ECOWAS’ broader integration architecture, designed to mirror aspects of the European Union model.

“The initiative aims to complement existing regional instruments such as the ECOWAS passport, while promoting harmonised financial systems and greater regional mobility,” the Presidency stated.

It added that the first phase of implementation is expected to involve Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, subject to each country meeting agreed macroeconomic convergence criteria and completing the required institutional governance frameworks.

The Monrovia talks come on the heels of the December 2025 summit of the Economic Community of West African States in Abuja, where regional leaders reaffirmed their commitment to launching the Eco currency in 2027.

Member states were urged to fast-track fiscal and monetary policy convergence to underpin a stable and sustainable monetary union.

The Eco project has suffered repeated delays over the years, mainly due to macroeconomic disparities among countries, persistent inflation, widening fiscal deficits, and exchange rate volatility across the region.

However, the renewed momentum underscores West Africa’s determination to build a more integrated and resilient regional economy anchored on monetary discipline, policy coordination, and shared prosperity.

The proposed Eco currency is expected to deepen economic integration among members of the Economic Community of West African States by:

Facilitating trade through a unified regional payment system,

Enhancing price stability and easing inflationary pressures,
Attracting greater foreign direct investment by presenting a more stable economic bloc, and
Streamlining cross-border transactions to enable businesses operate more seamlessly across the region.

While the Eco currency offers significant potential benefits, its success will depend largely on sustained policy convergence and macroeconomic stability among participating countries.