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Eight African countries rename currency, severe ties with CFA’s franc

Eight West African countries have agreed to change the name of their common currency to “Eco” and severed the CFA franc’s links to former colonial ruler France.

The CFA franc was initially pegged to the French franc and has been linked to the euro for about two decades.

Ivory Coast President announced the “three major changes”. These included “a change of name” of the currency, “stopping holding 50 percent of the reserves in the French Treasury” and the “withdrawal of French governance” in any aspect related to the currency.

Macron hailed it as a “historic reform”, adding that the Eco will see the light of day in 2020.

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