Will Nigeria Scrap The Naira For Eco Currency in 2027? Facts Emerge
A viral video circulating on WhatsApp and other social media platforms has sparked widespread anxiety among Nigerians about the future of the national currency. The video, posted by a social media personality known as "Flora the Digital Banker," asserts that Nigeria will scrap the naira in 2027 and adopt a regional currency called the Eco, alongside 11 other West African nations.
What the Viral Video Claims
The video suggests that from 2027, there will be "no currency called naira," as Nigeria joins countries like Ghana, Senegal, Togo, Guinea, Guinea-Bissau, Côte d’Ivoire, Liberia, Sierra Leone, The Gambia, and Cabo Verde in adopting the Eco. It compares the proposed currency to the euro used in the European Union, aiming to promote price stability and facilitate cross-border trade. The presenter also hints at concerns over external influence, particularly from France, and links the implementation to Nigeria's 2027 general elections, fueling speculation about a pre-planned monetary reform.
Official Statements on the Eco Currency
On February 14, the Nigerian presidency confirmed that central bank governors from 12 West African nations are meeting under the Economic Community of West African States (ECOWAS) framework to finalize technical and institutional arrangements for the Eco. However, the rollout is conditional on participating countries meeting strict macroeconomic convergence criteria, including inflation limits, fiscal deficit thresholds, and foreign reserve benchmarks. The presidency emphasized that the Eco is part of a broader regional integration effort, modeled after the European Union, and will initially involve a smaller group of countries such as Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, with adoption not automatic.
Is the Naira Being Abolished?
There has been no official announcement from the presidency, the Central Bank of Nigeria, or ECOWAS stating that the naira will cease to exist in 2027. The Eco project has been in discussion for decades, with delays due to member states' inability to meet economic requirements. The name "Eco" was formally adopted in 2019, and in August 2025, ECOWAS proposed a launch date of July 1, 2027, reaffirmed in December 2025, but without declaring an automatic replacement of national currencies. The 2027 date remains a target, not a guaranteed switchover.
The Verdict
There is no evidence to support the claim that Nigeria will scrap the naira in 2027. While the Eco currency project is advancing regionally, its implementation depends on economic benchmarks and has not led to any plans to abolish the naira. The Central Bank of Nigeria has joined other West African central banks in advancing plans for the Eco, modeled after the euro system, but participation is conditional on meeting agreed standards.
