Political

West Africa: Currency bloc members to issue $4.82bn in 2019

The eight-nation Economic and Monetary Union of West Africa (UEMOA) says it plans to issue 2.723 trillion CFA francs ($4.82 billion) in debt in 2019, compared to 2.433 trillion CFA francs in 2018.

The operation’s Manager of the regional monetary union, Oulimata Ndiaye disclosed that the total for 2018 was less than the 3.007 trillion CFA francs originally forecast, mostly because of lower than expected debt issuances by Ivory Coast and Mali.

The eight countries of the West African CFA franc zone comprises of Benin, Burkina Faso, Ivory Coast, Mali, Guinea-Bissau, Senegal, Niger and Togo.

They share a regional central bank, the BCEAO, and the CFA franc currency, which is pegged to the euro.

Source: Voice of Nigeria