Senegalese President Bassirou Diomaye Faye, has reaffirmed his country’s strong commitment to establishing a national currency.
The President, in an interview with local media on Friday evening, suggested that a unilateral exit from the CFA franc could be considered if the ongoing efforts within ECOWAS and WAEMU fail to make progress.
The interview followed Faye’s participation in the April 4 civil and military parade, where he addressed several national issues, including Senegal’s monetary policy.
On the issue of currency sovereignty, he made it clear that Senegal would continue pursuing its goal of creating its own currency.
This goal is also a central part of Senegal’s participation in ongoing regional discussions, especially within ECOWAS, concerning the potential launch of the ECO, a common currency for the region.
However, the president expressed frustration with the slow pace of the process, considering other options within the West African Economic and Monetary Union (WAEMU).
Faye pointed out that while significant reforms have been introduced to address challenges within the administration of the CFA franc, the currency is still pegged to the euro.
He revealed that the Central Bank of West African States (BCEAO) is already progressing with a study on the creation of a sovereign currency, complete with its own name, symbol, and banknotes.
© WAVN