West Africa Renames CFA Franc

West Africa’s monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with Paris that have underpinned the region’s common currency since its creation after World War Two.

Which Countries will be Affected by it?

  • The CFA is used in 14 African countries with a combined population of about 150 million and $235 billion of gross domestic product.
  • However, the changes will only affect the West African form of the currency used by Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo - all former French colonies except ....

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