Eight West African countries have agreed to change the name of their common currency to the Eco and to sever the CFA franc's link to former colonial ruler, France.
Speaking in Abidjan, Cote d'Ivoire's capital, Ivorian President Alassane Ouattara announced they would make three main changes, involving the name, holding 50% of the reserves in the French Treasury, and the withdrawal of French governance in any aspect related to the currency.
French President Emmanuel Macron hailed the developments as a "historic reform" and said that "the Eco will see the light of day in 2020".
The CFA franc's value was moored to the euro after its introduction two decades ago, at a fixed rate of 655.96 CFA francs to one euro.
The Bank of France holds half of the currency's total reserves, but France does not make money on its deposits stewardship, annually paying a ceiling...