2023-04-25 18:38:19
Shortly before the presidential elections, the Central Bank of Nigeria (CBN) introduced new 200, 500 and 1,000 naira notes. This decision its accompanied by the limitation of cash withdrawals. These measures supposed to fight against counterfeiting, vote buying and inflation by reducing the money supply, coupled with the depreciation of the naira – which has officially lost up to 191% of its value against the dollar in ten years – led to an increase of demand for the CFA franc from neighboring countries of the Central African Economic and Monetary Community (Cemac: Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad) and the West African Economic and Monetary Union (UEMOA : Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal and Togo), as a “safe haven currency”.
So much so that five States of
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