Memorandum of the Secretary of State for the Colonies on the establiment of the West African Currency Board; effective immediately (the Board members had been appointed on 21.11.1912)
07.05.1913
Individual ordinances to legalize coin issuance by the currency board in the colonies: - Gambia and Sierra Leone [Sierra Leone and Gambia Coinage Order]; effective 26.06.1913 - Gold Coast [Gold Coast and Dependencies Coinage Order]; effective immediately - Nigeria [Nigeria Coinage Order]; effective immediately.
25.11.1915
Revised regulations of the West African Currency Board allowed for the issuance of paper money. It was legalizes individually in the colonies: - 31.03.1919: Gambia [Currency Notes Ordinance, No. 3] - 31.12.1918: Gold Coast [Currency Ordinance, No. 180] - 11.07.1916: Nigeria [Currency Notes Ordinance, No. 11] - 23.11.1918: Sierra Leone [Currency Notes (West African Board) Legal Tender Ordinance].
1958-1968
Demonetization of the West African currency in the individual states: - Ghana: 14.07.1958: Introduction of the national currency; 30.06.1959: Demonetization of the West African currency - Nigeria: 01.07.1959: Introduction of the national currency; 30.06.1962: Demonetization of the West African currency - Sierra Leone: 04.08.1964: Introduction of the national currency; 04.02.1966: Demonetization of the West African currency - Gambia: 01.10.1964: Introduction of the national currency; 30.05.1968: Demonetization of the West African currency.
Valuation Regimes
1913-1964
Fixed rate against British Pound
Rate Arrangements
26.06.1913
Fixed
British Pound at 1 : 1
±0.0%
Time Period: 2009- / - Launch of a West African Monetary Union
Timeline
25.05.2009
Resolution of the 24th Congress of the Convergence Council of Ministers and Governors of West Africa in Abuja (Nigeria), sets the start of the monetary union for January 2015; not implemented
29.06.2019
Resolution of the 55th Conference of Heads of State and Government of the Economic Community of West African States (ECOWAS), decides "Eco" to be the name of the future common currency and sets the commencement of economic convergence process to January 2020; not implemented
19.06.2021
Resolution of the 59th Conference of Heads of State and Government of the Economic Community of West African States (ECOWAS), sets the commencement of economic convergence process to January 2022 and the launch of the currency on Januar 2027