CFA franc

Senegal's president-elect says he will drop the much-criticised CFA franc currency, which is pegged to the euro and backed by former colonial power France.

Mr Faye also wants Senegal to stop using the CFA franc - the West African single currency that is pegged to the euro, with the financial backing of the French treasury, and which is regarded by his supporters as a relic of the colonial era.

The former tax collector wants a withdrawal from the CFA franc - the regional currency used by 14 African countries, which is pegged to the euro under a French government guarantee.

These persist notably with the CFA franc currencies, that are tethered to the French treasury, and via cultivating close bonds with ruling elites.

“Françafrique is characterized by institutions still in place — French troops still in Africa; the CFA franc currency; and a French paternalistic culture that must be changed, including at the summit of the French state.”