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19.09.2004 Business & Finance

Stable trading in CFA Franc at Aflao

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Aflao, Sept. 19, GNA - Trading in the CFA Franc, the currency of the eight nation West African Francophone zone, remain stable at Aflao, since the introduction of new notes by the zone on September 15, this year, to run alongside the old notes.

The stable situation was contrary to the apprehension within major trading centres that the introduction of the new notes with different features apparently to phase out the old notes by December 31, this year, would create mad rush for the new notes by people who might wish to beat the deadline.

Republics of Togo, Benin, Niger, Mali, Cameroun, Cote d' Voire, Burkina Faso and Senegal, all former French colonies of West Africa grouped under a single currency, the CFA Franc with a common Central Bank, the BCEAO headquarted in Senegal.

The robbery of about 16 billion Francs of the old notes at the Cote d' Viore branch of the BCEAO two years ago by armed groups, and the need to replace worn out notes were among the reasons given by the zone for the new notes.

Sources close to a licensed Forex Bureau at the Ghana-Togo border at Aflao told the Ghana News Agency that no unusual demand for the new notes has been identified among traders and travelers at the frontier.