At an extraordinary meeting of the Wamz heads of state and government last week, Nigeria’s President Muhammadu Buhari criticised Uemoa for jumping the gun, warning that Ecowas’s plan for a regional currency could be in ‘serious jeopardy’ if member states did not comply with already agreed processes. One XOF is 0.0023 CAD and one CAD is 427.6501 XOF.

Calls to overhaul the West African CFA franc, a currency tied to the euro and historically rooted in French colonial rule, raise a host of thorny problems, analysts say. Eight countries use the euro-pegged West African CFA franc, which enjoys unlimited convertibility with the euro.

For some years now, though, France’s military and economic […] In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. A speedy launch of the Eco is now stoking divisions among the 15-members of the Economic Community of West African States (ECOWAS). The ECO will be used initially only in the eight West African nations. This announcement follows the unexpected declaration made on 21 December 2019 by Mr Macron and Mr Ouattara, the French and Côte d’Ivoire presidents, proclaiming … Updated data, charts and expert forecasts on Cote d'Ivoire Exchange Rate. The five anglophone countries of ECOWAS want to adopt the new currency following a slower timetable and as a new currency for the whole region, not just as a replacement for the CFA Franc. Get access to historical data and projections for Ivorian Foreign Currency .

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. In many respects the move looks symbolic – though it has still created waves in the region Cote d’Ivoire uses the West African CFA, as well as Benin, Burkina Faso, Mali, Niger, Senegal, Togo all former French colonies. Eight countries use the West African CFA franc — Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal and Togo, which are former French colonies, as well as Guinea-Bissau, a …

West Africa renames CFA franc but keeps it pegged to euro. ABIDJAN (Reuters) - West Africa's monetary union has agreed with France to rename its … WHEN France pulled out of its African colonies in the 1960s, it retained its grip on power through currency control, backed by a military interventionist presence, which all but guaranteed that the former colonies would be the chasse gardée, or private hunting preserve, of French companies. This information was last updated on June 29, 2020 at 12:05 AM CET. Eight West African countries have agreed to change the name of their common currency to the Eco, finally cutting ties with the CFA franc. The West African CFA franc uses both coins and banknotes, with the franc being subdivided into centimes. The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo.