CFA franc, which is the common currency of West African countries, will be replaced by the Eco in 2020. Eco will remain pegged to the euro to guarantee its stability but the relevant countries will not have to keep 50% of their reserves in the French Treasury and there will no longer be a French representative on the currency union’s board.
The CFA is used in 14 African countries with a combined population of approximately 150 million. However, the changes will only affect the West African CFA (rather than the Central African CFA) used by Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
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