The CFA currency’s days are numbered as far as the 8 French-speaking west-African Nations are concerned. The currency, which has been used by most West-African countries colonized by France is set to be replaced by the ECO.
The ECO will be the official currency for all of the 8 western Africa states in the WAEMU (West African Economic and Monetary Union).
What this therefore means is that their reserve deposits will no longer be kept in Banque de France, consequently, their opening account in the Banque de France has been closed. In the same vein, the French representatives in the Central Bank of West African States (BCEAO) have been removed.
The countries involved are; Mali, Benin, Cote d’Ivoire, Guinea-Bissau, Niger, Togo, and Senegal.
Up until now, these nations were obligated to keep at least half of their foreign exchange reserves at the Bank of France, in return France guaranteed them convertibility with the Euro.