The CFA franc — creation and devaluation
1945 / 1994 · Dakar
In December 1945, France created the CFA franc — Franc of the French Colonies of Africa — a common currency that tied the economies of its colonies to its own. On 11 January 1994, this franc was devalued by 50%, causing an immediate rise in prices in all the countries concerned, including Senegal. This debate over monetary sovereignty remains relevant today.