Would the CFA Franc, the currency of six independent states in Central Africa be devalued? This question is one that has spilled many rumours. At the Chadian capital N’djamena last week, the rumours hovered around an extraordinary summit of heads of state of the Central African Economic and Monetary Community CEMAC.
At the end of the meeting, there was no announcement made as to the common currency, yet the rumours have prevailed.
So, what is it about the CFA franc and why is there so much talk about an impending devaluation?