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All former French Colonies in West Africa, except Guinea Bissau, have agreed with France to rename its CFA franc to the Eco as they cut some of the financial links with Paris, French.
It is generally believed that the CFA franc has underpinned the region’s common currency since its creation after World War Two.
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What it means: With the development, while the Eco will remain pegged to the Euro, 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.This will also pressure their English speaking countries to follow.