EAC Rubbishes Reports of New Currency Dubbed the Shilling of East Africa and Franc (SHEAFRA)
Written by moradio on 4 March 2024
NAIROBI, Kenya, March 4- The East African Community (EAC) secretariat has dismissed claims of the existence of a unified currency for the region known as the Shilling of East Africa and Franc (SHEAFRA).
This response came after a fictitious account named “Government of East Africa” shared an image of a 5 SHEAFRA note on X platform, claiming the arrival of the currency. The account stated that the introduction of this currency would boost the regional economy, with one SHEAFRA supposedly valued at $0.76.
This announcement sparked skepticism among many users who questioned the credibility of the claim and the rationale behind the chosen name for the currency.
Subsequent posts from the purported ‘government of East Africa’ continued to generate mixed reactions, with some emphasizing the SHEAFRA as a unifying force for economic stability, while others questioned its legitimacy.
However, on Monday morning, the East African Community (EAC) took to the same platform to refute the ongoing speculation, labeling it as false and confirming the absence of any such currency.
“The EAC Secretariat clarifies that the journey towards a single currency for Partner States is still ongoing. We urge everyone to disregard any rumors circulating on social media regarding the introduction of new banknotes for the region,” stated the EAC.
