West Africa Renames Common Currency, Cuts Links to France

Eight countries have agreed to change the name of their common currency to the Eco, finally cutting ties with the CFA franc. The Eco will still be pegged to the Euro but the rule that member states keep 50 percent of reserves with French treasury will be removed. Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo currently use the currency. All the countries - with the exception of Guinea-Bissau - are former French colonies.

A person holds cash in different currencies (file photo).


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