The French government adopted the bill confirming the end of the CFA franc on Wednesday at its Council of Ministers’ meeting.
This bill stems from the agreement concluded at the end of December between Paris and the members West African Monetary Union (UEMOA).
This bill begins the transformation of the CFA franc to the Eco which will maintain a fixed exchange rate with the Euro as well as the end of the centralization of African foreign exchange reserves with the French Treasury.
The CFA franc, by decree, became the legal tender for the payment of any amount on December 25, 1945.
Symbolically, by this law, the CFA Franc has been faced out on this day, May 20, 2020. The West African CFA Franc will eventually be replaced by Eco, the currency common to the countries of the ECOWAS. But it is not yet known when exactly.