ABIDJAN (Reuters) - West Africa's monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with Paris that have underpinned the region's common currency since its creation soon World War Two.

Under the deal, the Eco will remain pegged to the euro but the African countries in the bloc won't 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.

Critics of the CFA have long seen it as a relic from colonial times while proponents of the currency say it has provided financial stability in a sometimes turbulent region.
"This is a historic day for West Africa," Ivory Coast's President Alassane Ouattara said during a news conference with French President Emmanuel Macron in the country's main city Abidjan.

"Yes, it's the end of certain relics of the past. Yes it's progress ... I do not want influence through guardianship, I do not want influence through intrusion. That's not the century that's being built today," said Macron.

https://www.reuters.com/article/us-ivorycoast-france-macron/west-africa-renames-cfa-franc-but-keeps-it-pegged-to-euro-idUSKBN1YP0JR

This is the joke of the century. What economic rationale will make the Europe give out the value of their currency to lazy Africans with extremely slow economy that depends on the Western world!!

Haha if you know what pegging really is

sammyj:
This is the joke of the century. What economic rationale will make the Europe give out the value of their currency to lazy Africans with extremely slow economy that depends on the Western world!!

you mean it’s good for West Africans?

How if we depend on the Western world for Technology, Healthy and Agriculture

golddust6000:
you mean it’s good for West Africans?

Okpa042:
Haha if you know what pegging really is

Seriouly, Africa has been getting pegged by Europa since time immemorial.

sammyj:
How if we depend on the Western world for Technology, Healthy and Agriculture

which agriculture you are talking about?

Don’t you import agriculture products and equipment from the western world

golddust6000:
which agriculture you are talking about?

sammyj:
Don’t you import agriculture products and equipment from the western world

guy now I know you are not even current! No European agricultural product is in Nigeria.

Habal what about the tractors and imported products sold in the market shipped via Benin republic?

golddust6000:
guy now I know you are not even current! No European agricultural product is in Nigeria.

sammyj:
Habal what about the tractors and imported products sold in the market shipped via Benin republic?

Agricultural product and agricultural implement / machineries are two different things

sammyj:
Habal what about the tractors and imported products sold in the market shipped via Benin republic?

list one imported European product you know
So goods coming in illegally is not relying on it?? Guy wake up. We produce tractors here in commercial quantities.