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Tuesday, April 23, 2024

EAC Bloc Dismisses Rumors of Fake Common Currency


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The East African Community (EAC) regional bloc has moved swiftly to dispel rumors circulating on social media regarding the launch of a purported common regional currency.

In a statement issued by the EAC Secretariat, the organization clarified that the claim of a new common currency, attributed to a fake X account named “Government of East Africa,” is entirely false.

EAC Bloc Dismisses Rumors of Fake Common Currency

The misleading post, shared on Sunday, falsely asserted that the EAC member countries had unveiled a common regional currency under the name “East African Sheafra,” purportedly a fusion of the shilling of East Africa and Franc. Additionally, the post featured an image of a counterfeit banknote depicting the alleged single currency.

Also, read: Tecno Sold More Phones In Africa Than Samsung, Apple In 2023

EACResponding to the misinformation, the EAC Secretariat emphasized that the journey toward a single currency within the bloc remains a work in progress and urged stakeholders to disregard the baseless rumors.

“The Partner States’ journey to a single currency is still a work in progress. Kindly ignore any rumors circulating on social media on the unveiling of new banknotes for the region,” the statement read.

Despite the account’s false claims, the post garnered significant traction on social media platforms, amassing over half a million views and receiving endorsements from various media outlets and online personalities within the region.

EAC Bloc Dismisses Rumors of Fake Common CurrencyThe EAC’s swift response serves as a reminder of the importance of verifying information from credible sources, particularly in an age where misinformation proliferates rapidly across digital platforms.

As the region continues to pursue greater economic integration and cooperation, maintaining transparency and clarity regarding key initiatives such as a common currency remains paramount.


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