{"id":88172,"date":"2019-12-24T15:51:49","date_gmt":"2019-12-24T10:21:49","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=12523"},"modified":"2019-12-24T15:51:49","modified_gmt":"2019-12-24T10:21:49","slug":"eight-west-african-nations-rename-common-currency-to-eco","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/eight-west-african-nations-rename-common-currency-to-eco\/","title":{"rendered":"Eight West African nations rename common currency to Eco"},"content":{"rendered":"\n<p><strong>News:<\/strong>Recently, eight West African nations have agreed to change the name of their common currency from \u2018CFA franc\u2019 to \u2018Eco\u2019.<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><br><\/p>\n\n\n\n<p><strong>Which are the countries that uses CFA Franc?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>CFA Franc is the name of two currencies- \u2018the West African CFA franc\u2019, which is used in 8 West African countries and \u2018Central African CFA franc\u2019, which is used in 6 Central African countries.&nbsp;<\/li><li>Both currencies are guaranteed by French treasury and was created in 1945.&nbsp;<\/li><li>However,the currency is seen by many as a sign of French interference in its former African colonies even after countries became independent.<\/li><\/ul>\n\n\n\n<p><strong>What was the decision?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The eight West African namely Ivory Coast, Mali, Burkina Faso, Benin, Niger, Senegal, Togo and Guinea-Bissau have agreed to change the name of their common currency from \u2018CFA franc\u2019 to \u2018Eco\u2019.<\/li><li>All these countries except Guinea-Bissau are the former French colonies.<\/li><li>This decision was taken after Economic Community of West African States(ECOWAS) had urged members to push on with efforts to establish a common currency to be launched in 2020.<\/li><li>Further,the countries have also decided that Eco will remain pegged to the euro but the African countries in the bloc won&#8217;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&#8217;s board.<\/li><\/ul>\n\n\n\n<p><strong>Additional information:<\/strong><br><\/p>\n\n\n\n<p><strong>About ECOWAS:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Economic Community of West African States (ECOWAS) was established in 1975 by the Treaty of Lagos.It is considered as one of the pillars of the African Economic Community,&nbsp;<\/li><li>It is a 15-member regional group with a mandate of promoting economic integration in all fields of activity of the constituting countries.<\/li><li>The member countries are Benin, Burkina Faso, Cape Verde, C\u00f4te d\u2019 Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Sierra Leone, Senegal and Togo<\/li><li>It was set up to foster the ideal of collective self-sufficiency for its member states.As a trading union,it is also meant to create a single, large trading bloc through economic cooperation.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/RSUnqtrJUPyj_oy70fHmaqaJxZiFPSnnpEWqTFob_Gxpv-H2vi40bm6aIIBvgGTG4Gray_NLdOsbDWHAoDcjMPvansxVxXo9h9HafAJodegBl3StdYpiLqjSp0-w8lliifPFuBvK\" alt=\"\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>News:Recently, eight West African nations have agreed to change the name of their common currency from \u2018CFA franc\u2019 to \u2018Eco\u2019. Facts: Which are the countries that uses CFA Franc? CFA Franc is the name of two currencies- \u2018the West African CFA franc\u2019, which is used in 8 West African countries and \u2018Central African CFA franc\u2019,&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/eight-west-african-nations-rename-common-currency-to-eco\/\">Continue reading <span class=\"screen-reader-text\">Eight West African nations rename common currency to Eco<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[164],"tags":[5867,5868,5869],"class_list":["post-88172","post","type-post","status-publish","format-standard","hentry","category-international-relations-daily-factly-articles","tag-currency","tag-ecowas","tag-west-african-nations","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704791016},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/88172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=88172"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/88172\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=88172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=88172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=88172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}