Four West African presidents have recently disclosed their plans to create a future currency that would replace the dominant CFA Franc in the 15-country ECOWAS bloc by 2020. According to a joint statement.

“Our region needs this unifying instrument, a symbol of our shared destiny, to consolidate our customs union,” ECOWAS chairman and Togolese President Faure Gnassingbe said on Twitter.

The statement endorsed by the presidents of Togo, Ghana, Niger and Ivory Coast who form part of a task force on the envisaged currency, further noted that a committee will be set up for this purpose.

The Nigerian president has, however, warned against this action.

“Nigeria will caution against any position that pushes for a fast-track approach to the monetary union while neglecting fundamentals and other pertinent issues,” said Muhamadu Buhari.