ABIDJAN (Ivory Coast), Dec 22 — Eight West African countries yesterday agreed to change the name of their common currency to Eco and severed the CFA franc’s links to former colonial ruler France. The CFA franc was initially pegged to the French franc and has been linked to the euro for about...
Sunday, 22 Dec 2019 07:02 AM MYT
Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo currently use the currency. All the countries are former French colonies with the exception of Guinea-Bissau. The CFA franc’s value was moored to the euro after its introduction two decades ago, at a fixed rate of 655.96 CFA francs to one euro.
The CFA franc, created in 1945, was seen by many as a sign of French interference in its former African colonies even after the countries became independent.
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