Devaluation, CFA Franc, West Africa, Regional trade, Nigerian Economy


This article discusses the CFAF devaluation which was long-resisted and how it became inevitable after France indicated her intention in September, l993 not to assist the depressed economies of the CFA states if they backed out of IMF supported structural adjustment Programme. The IMF had insisted on devaluation as a condition for supporting any adjustment programme in CFA countries arguing that the devaluation would encourage investment and make exports more competitive thereby improving the balance of Payments of the CFA countries.

Author Bio

The author is a Deputy Director of Research of Central Bank of Nigeria.

Publication Title

CBN Bullion


No. 1


Volume 18

Included in

Economics Commons



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