Central African CFA franc banknotes…Continental Currency Exchange
Centralized control of currency system
The Central Bank of West African States (BCEAO) still prints notes for the CFA, which is used in 12 Francophone countries to this day.
The CFA franc was formulated in France in the 1940s as a way to centralize the currency of all of its territories.
While France sees the CFA as a means of financial support, those against the institution of the CFA charge that “African countries channel more money to France than they receive in aid.”
Franco-Beninese activist, Kemi Saba brought the issue to light when he was arrested on August 25, 2017, for lighting a 5,000 CFA note on fire. He was later acquitted.
