Eight West African nations will quickly be utilizing a brand new foreign money.
The previous one might not have been well-known, however for 75 years the CFA, as it’s referred to in French, has been used as cash from Senegal to Niger and most locations in between.
But now, the French authorities has formally authorized the top of the CFA franc.
That means France will stop to co-manage the West African foreign money. The Bank of France will now not maintain half of the foreign money’s reserves, and a substitute foreign money, the ECO, shall be launched.
But it is going to preserve its change price mounted to the euro.
France negotiated with its former colonies for 3 years earlier than reaching the deal final 12 months.
But is that this real change or only a rebrand?
Presenter: Kamahl Santamaria
Ken Ife – Macroeconomic coverage analyst and marketing consultant to the ECOWAS Commission
Marie-Roger Biloa – West Africa analyst and chief government director of the Africa International Media Group
Tony Chafer – Professor of African and French Studies on the University of Portsmouth
Source: Al Jazeera News