A viral video circulating on social media claims Nigeria will abolish the naira in 2027 and adopt a regional currency known as the Eco alongside 11 other West African countries.
In the video, a social media personality identified as “Flora the Digital Banker” says “there is not going to be a currency called naira” from 2027, adding that the Eco would mirror the European Union’s single-currency model and be introduced alongside Nigeria’s 2027 general elections.
However, there is no official statement from the Central Bank of Nigeria (CBN), the presidency or the Economic Community of West African States (ECOWAS) announcing that the naira will cease to exist in 2027.
While ECOWAS leaders have repeatedly expressed commitment to launching the Eco, including setting July 1, 2027 as a target date, implementation remains subject to strict macroeconomic convergence criteria such as inflation, fiscal deficit and foreign reserve benchmarks.
The presidency recently confirmed that central bank governors from member states are still working to finalise the technical and institutional frameworks for the proposed currency.
In essence, 2027 is a target timeline for possible introduction of the Eco — not a confirmed date for scrapping Nigeria’s national currency.
There is no evidence that Nigeria will abolish the naira in 2027.