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1/12 Hi!👋 - #Bitcoin for ECCOWAS
In Sub-Sahara Africa, a currency union exists between Mali🇲🇱, Benin🇧🇯, Burkina Faso🇧🇫, Ivory Coast🇨🇮, Guinea-Bissau🇬🇼, Niger🇳🇪, Senegal🇸🇳 & Togo🇹🇬 - Quick Thread 🧵
In Sub-Sahara Africa, a currency union exists between Mali🇲🇱, Benin🇧🇯, Burkina Faso🇧🇫, Ivory Coast🇨🇮, Guinea-Bissau🇬🇼, Niger🇳🇪, Senegal🇸🇳 & Togo🇹🇬 - Quick Thread 🧵
2/12
The currency these countries share is the 'CFA-Franc' (XOF). The XOF is currently pegged at 655 XOF to 1 €. After Bretton Woods, the currency was introduced for the first time.
The currency these countries share is the 'CFA-Franc' (XOF). The XOF is currently pegged at 655 XOF to 1 €. After Bretton Woods, the currency was introduced for the first time.
3/12
While in 1945 1 CFA-Franc was equal in value to 1,70 FF (French Franc) it was merely equal to 0,01 FF in 2002. Cause: Devaluation of the FF by the French government.🇫🇷 The XOF lost 17000% of its value in 52 years.
While in 1945 1 CFA-Franc was equal in value to 1,70 FF (French Franc) it was merely equal to 0,01 FF in 2002. Cause: Devaluation of the FF by the French government.🇫🇷 The XOF lost 17000% of its value in 52 years.
