EAC secretariat terms reports on new regional common currency as fake news

The East African Community (EAC) secretariat has termed reports that the region has a common currency dubbed the Shilling of East Africa and Franc (SHEAFRA) as fake news.

This was after a specimen of SHF5 circulated on social media on Saturday March 2, 2024.

According to the EAC, the report of the universal currency was shared by a fake account on X, named Government of East Africa.

“The EAC Secretariat wishes to inform all our stakeholders that the Partner States’ journey to a single currency is still a work in progress.

“Kindly ignore any rumours circulating in social media on the unveiling of new banknotes for the region,” EAC noted in a statement.

The fake X account had stated that the EAC common currency will help bolster trade and grow the economy of the countries in the region.

In addition, the post had caused an uproar on social media as people raised questions on legitimacy of the currency and the criteria used in choosing the currency name.

Meanwhile, the fake government of East Africa had disclosed that one SHEAFRA is equivalent to $0.76.

“True, God is solving your Forex exchange Visit every time you are crossing the boarder by The East African Sheafra,” the alleged government of East Africa posted on X while tagging all presidents in the EAC.

In another post, the fake X account, urged all citizens in East Africa to embrace the new common currency.

“The East African Sheafra is a God Chosen Currency, let’s bear with it and embrace it, for with God, we do operate in his own Wisdom, knowledge and Understanding. Let’s give God a chance to lead so that we may not delay,” it posted on X.

According to the alleged East African government, the Sheafra (SHF) is a unifying factor for the East African monetary balances and economic equilibrium.