Fact Check: Nigeria Not Scrapping Naira for Eco Currency in 2027
A viral social media video claiming that Nigeria will scrap the naira in 2027 and replace it with a new regional currency called the "Eco" has been debunked as false. The video, created by a social media personality known as "Flora the Digital Banker," asserted that from 2027, "there is not going to be a currency called naira" as Nigeria and 11 other West African countries would begin using the Eco.
Official Clarification on Eco Currency Development
The presidency confirmed that central bank governors from 12 West African countries met to finalize technical and institutional frameworks for the proposed Eco currency. According to a statement issued on Saturday, February 14, 2026, the Eco is still under development, and its implementation is subject to meeting macroeconomic convergence criteria.
The first phase of implementation is expected to involve Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, but this is conditional on these countries meeting agreed macroeconomic targets. This means adoption is not automatic and depends on strict economic conditions.
No Official Statement on Naira Abolition
Neither the presidency, the Central Bank of Nigeria (CBN), nor ECOWAS has issued any statement announcing that the naira will be abolished or cease to exist in 2027. ECOWAS has announced that the Eco project, which has been in discussion for decades, would be introduced on July 1, 2027, after several meetings held on August 4, 2025, in Banjul, Gambia. However, this does not equate to the immediate scrapping of national currencies like the naira.
Expert Insights and Regional Implications
Experts weigh in on the matter, projecting that the successful launch of the Eco could transform trade and economic stability in West Africa. Nigeria's Central Bank is playing a crucial role in shaping the Eco initiative and its launch. The move towards a regional currency aims to enhance economic integration, but it requires careful planning and adherence to convergence criteria.
In conclusion, there is no evidence to support the claim that Nigeria will scrap the naira in 2027 and replace it with the Eco currency. The Eco remains a conditional project under development, with no official confirmation of the naira's abolition. This fact check highlights the importance of verifying information from credible sources before sharing viral claims.
