The CFA Franc is the official currency of 8 West African countries with a 2nd version being the currency of 6 Central African countries, countries that used to be colonies of France or another European country. 

 

Despite the long form of CFA having been changed from Colonies françaises d'Afrique ("French colonies of Africa") to the current Communauté Financière Africaine (African Financial Community), the history of colonialism still lingers strongly in West Africa. 

 

France's Macron and Ivory Coast's Ouatta recently announced that CFA Franc will soon become Eco, a seemingly West African independent currency that will continue to be pegged to EURO.  However, critics discuss the benefit and potential economic disaster of Eco and how much France is really giving up control on her ex-colonies.

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If you only have limited time, I highly suggested reading:

• CNBC Africa's George Ott

• The Financial Times' David Pilling

• Jacobin Magazine's Ndongo Samba Sylla