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ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro - Foreign Affairs (2) - Nairaland

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by darkwan: 11:27pm On Dec 21, 2019
BabaRamota1980:


May God forgive you for calling me Biafran. You need to atone for this sin. It will cost you 2 black goats and 6 white chicken and 2bottles of Johnny Walker. Yeye thing. You no find somebody call Biafran na me you come choose. angry

haha....
chai....

i don suffer....

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by darkwan: 11:29pm On Dec 21, 2019
they dont have to keep their money in france no more....

that is good news....

2 Likes

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by darkwan: 11:40pm On Dec 21, 2019
BabaRamota1980:


May God forgive you for calling me Biafran. You need to atone for this sin. It will cost you 2 black goats and 6 white chicken and 2bottles of Johnny Walker. Yeye thing. You no find somebody call Biafran na me you come choose. angry

be careful,bros....the darkside will demand much more from you when you wrong....

you think like a biafran....
soo,am not wrong to call you that....
Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by grandstar(m): 11:46pm On Dec 21, 2019
BabaRamota1980:
France is relevant in world politics today because of its Francophone countries, particularly in North and West Africa.

France economy subsists on African wealth. France will be broke if these African countries disintegrate, and is why whenever any people or sub ethnic in West Africa starts to talk of secession, France is engaged and pumps money in to destroy the thought. If Biafra is allowed to break free other ethnic groups in many of Francophones will follow that example. At end of day France power will diminish along with the dismembered countries.

This is the story of Southern Cameroon.




The combined GDP of the 150m CFA countries $235b. That is barely 10% of the size of France's GDP. How exactly is France dependent on them?

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by darkwan: 11:46pm On Dec 21, 2019
let me go piss off the kenyans,joor....
Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Dasuks(m): 12:01am On Dec 22, 2019
healthserve:



Called bvsy. Younger generation. Smh

Other than trying to belittle his point, you did not say anything of substance. You are fully aware that being pegged to the euro is not exactly a bad thing. It is better to be pegged to a more responsible monetary authority, as the idea is to guaranty a safe space for FDI (as is the case for CIV etc).
Strong growth and low inflation being quite attractive for long-term investor interest.
What is of note is that they get to untangle themselves from the obligation of dropping half their foreign assets with the French treasury.

The ECB sets monetary policy for the euro not France. With regards the CFA countries, yes there might be a bit of an issue when it comes to full independence....But these are countries with limited forex earning power.. Do you expect full independent policy. ?What would they use to back their heavy import dependent economies ? There has to be a balance btwn dealing with the present reality as well as building a more self-reliant future where primary commodities and finished goods importation isn't a fixture.

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Blue3k2: 12:06am On Dec 22, 2019
grandstar:


The combined GDP of the 150m CFA countries $235b. That is barely 10% of the size of France's GDP. How exactly is France dependent on them?

Lol he's overating their importance in the French economy. You can just glance at France's imports and exports to these former colonies for proof. If they really want be free reject their foreign aid stand on your own. They're not ready to take action on that yet.

1st pic: export
2nd pic: imports

BabaRamota1980:
France is relevant in world politics today because of its Francophone countries, particularly in North and West Africa.

France economy subsists on African wealth. France will be broke if these African countries disintegrate,

3 Likes 1 Share

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by BabaRamota1980: 5:34am On Dec 22, 2019
grandstar:


The combined GDP of the 150m CFA countries $235b. That is barely 10% of the size of France's GDP. How exactly is France dependent on them?

Give us a list of all French speaking countries in the world, minus their African dependencies. List only where French is official language.

Out of about twenty or so only six are outside Africa.

Canada
Luxembourg
Switzerland
Belgium
Haiti
Monaco

When have you seen Renault or Peugeot on the streets in Canada or Monaco?

Monaco's principal economy is tourism, nothing else. So is Luxembourg.

Beside cars what else does France have? Chocolate. Cocoa does not grow in Europe. Coffee does not grow in Europe. Tobacco does not grow in Europe. There is no gold, diamond, titanium in Europe.

What can France be without its tie to Africa? It will become an orphan, and become wretched.

So the principal income earner for France are Francophones in Africa. Automobiles, processed food beverage, cigarrettes, wine, weapons....and so on.

Canada, Luxembourg, Monaco, Switzerland, Belgium....France brings in more revenue from Niger alone thant it does from the combination of these five.

Any country looking for nuclear technology go through France to access the resource in Niger.

So think about what i said earlier.

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by urahara(m): 7:27am On Dec 22, 2019
Blue3k2:
I guess france has decided to wash their hands of W. African CFA franc. The french treasury will no longer back the currency. They no longer have seat on board or reserves afterall. Congratulations and good luck to the Africans who control their currency.

Let's start expecting double digits inflation anytime soon.

2 Likes 1 Share

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by panafrican(m): 8:38am On Dec 22, 2019
Allassane Ouattara is a Trojan horse the French are using to subdue the financial power of all Ecowas countries through the new currency called Eco.
It is more beneficial to France and the E.U
than CFA Franc.

If ending CFA Franc were not serving France ' s interests Macron would not be spending Christmas
2019 in Cote d' Ivoire or holding a joint press conference with Ouattara in Abidjan,, you would have seen French soldiers patrolling the city of Abidjan after a French backed military coup there.

9 Likes

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by panafrican(m): 9:04am On Dec 22, 2019
grandstar:


The combined GDP of the 150m CFA countries $235b. That is barely 10% of the size of France's GDP. How exactly is France dependent on them?
The real question is Why did France work so hard since 1945 to impose CFA Franc to its colonies and have the French treasury dictate the exchange rate of that currency ?

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by urahara(m): 9:55am On Dec 22, 2019
Blue3k2 , why do they have to keep half of their reserves with France ?
Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by urahara(m): 10:09am On Dec 22, 2019
Blue3k2:


Lol he's overating their importance in the French economy. You can just glance at France's imports and exports to these former colonies for proof. If they really want be free reject their foreign aid stand on your own. They're not ready to take action on that yet.

1st pic: export
2nd pic: imports


Funny enough , when these African countries were just tiny villages in the past , France was already a rich and powerful country.lool

1 Like

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Blue3k2: 1:03pm On Dec 22, 2019
urahara:
Blue3k2 , why do they have to keep half of their reserves with France ?

Required for them to get support or french treasury. The other reason in my opinion was for France to borrow against. Central banks use fractional reserves banking afterall.

BabaRamota1980:


Give us a list of all French speaking countries in the world, minus their African dependencies. List only where French is official language.

Out of about twenty or so only six are outside Africa.

Canada
Luxembourg
Switzerland
Belgium
Haiti
Monaco

When have you seen Renault or Peugeot on the streets in Canada or Monaco?

Monaco's principal economy is tourism, nothing else. So is Luxembourg.

Beside cars what else does France have? Chocolate. Cocoa does not grow in Europe. Coffee does not grow in Europe. Tobacco does not grow in Europe. There is no gold, diamond, titanium in Europe.

What can France be without its tie to Africa? It will become an orphan, and become wretched.

So the principal income earner for France are Francophones in Africa. Automobiles, processed food beverage, cigarrettes, wine, weapons....and so on.

Canada, Luxembourg, Monaco, Switzerland, Belgium....France brings in more revenue from Niger alone thant it does from the combination of these five.

Any country looking for nuclear technology go through France to access the resource in Niger.

So think about what i said earlier.


Lol your arguement is wrong. France's exports are based on secondary products they manufacture. They not like these 3rd world countries dependent on raw resources they hardly commands premium. You're arguement is crazy as saying Japan will collapse without Africa. You're pretending all trade in these commodities will stop.

Even ur baseless assertion about countries needing France and Niger for uranium is laughable. Canada and Australia both export more than them.

What can France be without its tie to Africa?.

A first world industrialized economy with power nuclear armed millitary.

Beside cars what else does France have?

Compared to these dirt poor countries plenty. Check their top exports.

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by sassysure: 1:19pm On Dec 22, 2019
panafrican:

The real question is Why did France work so hard since 1945 to impose CFA Franc to its colonies and have the French treasury dictate the exchange rate if that currency ?

I will like to know too.

It's said that UK is neo colonialising us still but what France does to these west African countries is colonialism and slavery. They literally live at the mercy of France.
Useless country.

UK is going, Poland is following them. They will scatter once UK pull out. Now, these colonies are putting their acts together, let's see how far France can go.

3 Likes 2 Shares

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Richdad50(m): 2:44pm On Dec 22, 2019
I admire your intelligence
healthserve:
Why do we have to peg it to the Euro. Francophone sha and the idocy of Anglophones


Directly pegging the currency against another bloc implies zero control. Given the Complexities surrounding Brexit, common sense would imply we tred carefully yoking ourselves with the Euro bloc as pulling out of arrangements isn't anything the Europeans take lightly. Fullish unthinking Anglophones..spits


From Britain to Greece to Spain to Cyprus Europe has continously remained a dodgy bloc when it comes to dealing. Yoking is easy, unyoking if necessitated is what becomes troublesome.

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Xisnin(m): 2:46pm On Dec 22, 2019
darkwan:


stfu....you piss me off.... angry angry

isnt naira pegged to that dollar stuff somehow....??

you dont know when to talk or stop talkin,you just talk anything that comes to your mind....

yeye....
Naira isn't pegged to the dollar.
Never contribute out of ignorance.

3 Likes

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by InvertedHammer: 2:47pm On Dec 22, 2019
Blue3k2:


What are you suggesting they do. Do you want them to have floating exchange rates or peg it basket of currencies? Maybe they should consider a weaker currency for cheaper exports but that's up to them.

The Euro is pretty stable with or without UK being in the block. Their monetary policy can be altered later. They're not the only country that pegs their currency to anyway.
/
Peg it to gold.

/

2 Likes

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by colestephan86: 2:48pm On Dec 22, 2019
healthserve:
Why do we have to peg it to the Euro. Francophone sha and the idocy of Anglophones


Directly pegging the currency against another bloc implies zero control. Given the Complexities surrounding Brexit, common sense would imply we tred carefully yoking ourselves with the Euro bloc as pulling out of arrangements isn't anything the Europeans take lightly. Fullish unthinking Anglophones..spits


From Britain to Greece to Spain to Cyprus Europe has continously remained a dodgy bloc when it comes to dealing. Yoking is easy, unyoking if necessitated is what becomes troublesome.

You are right,
Even me that has zero knowledge of economics, I know it's a stupid decision to the the eco to euro, but anyways goodluck to them.
Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Kendollar696(m): 2:48pm On Dec 22, 2019
The comments am seeing here, I don't know if persons are talking from experience or just want to talk. All I see it's people's thinking far from what is up there.
Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Xisnin(m): 2:48pm On Dec 22, 2019
BabaRamota1980:
France is relevant in world politics today because of its Francophone countries, particularly in North and West Africa.

France economy subsists on African wealth. France will be broke if these African countries disintegrate, and is why whenever any people or sub ethnic in West Africa starts to talk of secession, France is engaged and pumps money in to destroy the thought. If Biafra is allowed to break free other ethnic groups in many of Francophones will follow that example. At end of day France power will diminish along with the dismembered countries.

This is the story of Southern Cameroon.




France isn't against secession that is why it supplied Biafra with arms during the civil war.
It is only against instability in its sphere of influence.

3 Likes 1 Share

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by darkwan: 2:48pm On Dec 22, 2019
Xisnin:

Naira isn't pegged to the dollar.
Never contribute out of ignorance.

then,why does everybody shakes when the price increase in naira....??

it is pegged somehow....

1 Like

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Xisnin(m): 2:51pm On Dec 22, 2019
darkwan:


then,why does everybody shakes when the price increase in naira....??

it is pegged somehow....
It is not pegged.
Pegging a currency has a specific meaning in Economics.
You don't get to change it any way you like.

Some people shake because we are an import-dependent economy.

If Naira is pegged to the dollar so is the pounds and Euro and even the dollar itself.

2 Likes

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by healthserve(m): 2:51pm On Dec 22, 2019
Richdad50:
I admire your intelligence


wink I Remain Humble Boss

1 Like

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Hotzone(m): 2:52pm On Dec 22, 2019
Buhari, please try to pay us wey be Christians our salary so that we can enjoy Christmas with our loved ones.

This is why USA enlisted us in religious sanction list!!!
Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Homers123(m): 2:56pm On Dec 22, 2019
One shackle removed to be replaced by a bigger shackle, Black man dey suffer.

5 Likes 1 Share

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by BreconHills: 2:56pm On Dec 22, 2019
Blue3k2:


What are you suggesting they do. Do you want them to have floating exchange rates or peg it basket of currencies? Maybe they should consider a weaker currency for cheaper exports but that's up to them.

The Euro is pretty stable with or without UK being in the block. Their monetary policy can be altered later. They're not the only country that pegs their currency to anyway.

Good points. You can ignore that chap. He doesn't have a clue.
Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Kingray10: 2:57pm On Dec 22, 2019
Please what will be the value of the west Africa Eco

Will it be equal to euros
Just curious

2 Likes

Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by GenBuhari(m): 2:59pm On Dec 22, 2019
healthserve:
Why do we have to peg it to the Euro. Francophone sha and the idocy of Anglophones


Directly pegging the currency against another bloc implies zero control. Given the Complexities surrounding Brexit, common sense would imply we tred carefully yoking ourselves with the Euro bloc as pulling out of arrangements isn't anything the Europeans take lightly. Fullish unthinking Anglophones..spits


From Britain to Greece to Spain to Cyprus Europe has continously remained a dodgy bloc when it comes to dealing. Yoking is easy, unyoking if necessitated is what becomes troublesome.


In case u haven't realised Europeans and white nations still have African nations enslaved.

Independence was given in name only but today all African governments are under control of white supremacist nations.

Why do you think $20bn missing from our treasury, $60bn back taxes from oil white nation's oil companies, $1trn Malabu oil block, not to mention countless trillions of dollars of looted funds , that belong to Nigeria is in the hands of these white supremacist countries, yet we are forced to taking IMF loans from the same white supremacist just to fund our national budget? Using upto 25% of the budget in servicing this illegal "debt"

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by Putin007: 2:59pm On Dec 22, 2019
InvertedHammer:

/
Peg it to gold.

/
U r a smart fellow, that's what I wanted to hear, but this niggas will eliminate d person championing it,

They did same to Gaddafi wen he was championing d idea of foreign countries buying oil in gold.

Alot of Africans r brilliant but few r intelligent.

(Thomas Sankara Fellow)

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Re: ECO: West Africa Renames CFA Franc But Keeps It Pegged To Euro by healthserve(m): 3:00pm On Dec 22, 2019
GenBuhari:

In case u haven't realised Europeans and white nations still have African nations enslaved.

Independence was given in name only but today all African governments are under control of white supremacist nations.

Why do you think $20bn missing from our treasury, $60bn back taxes from oil white nation's oil companies, $1trn Malabu oil block, not to mention countless trillions of dollars of looted funds , that belong to Nigeria is in the hands of these white supremacist countries, yet we are forced to taking IMF loans from the same white supremacist just to fund our national budget?


What a moniker. Bye.

1 Like

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