Eight West African countries will soon be using a new currency.
And it may well be that you didn’t even know they had an old one!
But for 75 years, the CFA as it would be said in French, has been used as money from Senegal to Niger and most places in between.
But now, the French government’s officially approved the end of the CFA Franc.
It means France will cease to co-manage the West African currency. The Bank of France will no longer hold half of the currency’s reserves, and a replacement currency, the ECO, will be introduced.
But it will keep its exchange rate fixed to the Euro.
France negotiated with its former colonies for three years before reaching the deal last year.
But is this genuine change, or just a rebrand?
Presenter: Kamahl Santamaria
Ken Ife, macro-economic policy analyst and consultant to the ECOWAS Commission.
Marie-Roger Biloa, a West Africa analyst and Chief Exective Director of the Africa International Media Group.
Tony Chafer, Professor of African and French Studies at the University of Portsmouth.
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