quest for stability

Why the CFA franc has become a safe haven in Nigeria

By Yara Rizk

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Posted on April 27, 2023 15:24

 © CFA franc notes. Vincent Fournier/JA
CFA franc notes. Vincent Fournier/JA

In recent months, Nigerians have been flocking to the CFA franc – a migration that could disrupt the economic stability in other parts of Africa. Some states in the continent’s most populous nation have even officially embraced the relatively stable currency.

Shortly before the presidential elections, in which president-elect Bola Tinubu was the eventual winner, the Central Bank of Nigeria (CBN) introduced new 200-, 500-, and 1,000-naira notes as well as cash withdrawal restrictions.

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