Eight West African countries have agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler France.
The countries include Benin republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
All of these African countries are former French colonies with the exception of Guinea-Bissau.
This was announced by Ivory Coast President Alassane Ouattara during a visit by French President Emmanuel Macron to Ivory Coast.
He added that the federal government is committed to developing strategies that will propel economic growth not just in Nigeria but also in the entire West African sub-region.
