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Last year, 16 African states celebrated the 50,h anniversary of their independence, yet many critics still point to a lingering neocolonialism, asking whether the degree of autonomy achieved since i960 is sufficient to be truly independent. One of the more potent symbols of 'dependence' on the former colonial power is the CFA franc, the collective name of two currencies used in West Africa that are still guaranteed by the French treasury and pegged to the euro. CFA is the acronym for Communauté Financière Africaine (African Financial Community).
The CFA franc stands for the West African CFA franc and the Central African CFA franc, two currencies that, even though separate, are in practice interchangeable and which have a fixed exchange rate to the euro.
The CFA franc is used in 14 countries, 12 of which are former French colonies. Initially, the French colonies used currencies linked to the French franc but after independence, several countries left the franc zone: Tunisia in 1958, Morocco in i960, Guinea in 1959, Algeria in 1964, Madagascar and Mauritania in 1973.
Comoros has always been part of the franc zone but has its own currency, the Comorian franc, which is pegged...