8 West African countries,former French Colonies agree to discontinue CFA Franc and to have new Currency linked to the Euro

Eight West African countries - ( Ivory Coast, Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal and Togo ) have agreed to cut some of their financial links with France in a move which will see the end of a currency known as the CFA franc

Under the deal a new currency called the Eco is to be launched. It will still to be linked to the Euro.
The decision was announced on Saturday Dec 21,2019 during the visit of French President Emmanuel Macron to the region.

For many people living in West Africa using the CFA franc in shops or markets has been a daily reminder of the lingering colonial link with France.

In a few months’ time these countries plan to have a new currency. Although it will still be pegged to the Euro, the African countries using it will no longer be forced to keep half of their reserves in the French treasury in Paris.