Senegal wants to create a national currency

By Alimat Aliyeva

The newly elected President of Senegal, Bassiro Diomaye Faye, said that he would fulfill the promise he made during the election campaign, Azernews reports, citing foreign media outlets.

Diomay Fai said that if he is elected, his country will abandon the Central African franc (CFA) and switch to the national currency.

The rejection of the franc is now widely discussed by a new generation of politicians in many African countries. They consider the transition to national currencies as monetary sovereignty. Since discussions on the transition to a new single currency in African countries, which have been going on for more than 13 years, have not been successful, the Senegalese leadership proposes a transition to a national currency. Although Mali, Niger and other countries have approved his initiative, no concrete work has been done yet.

It should be noted that the symbol of French colonialism is the Central African franc, which is in circulation in 14 African countries. On the other hand, since the issue of money belongs to the French Central Bank, the single currency hinders the development of African countries.