The East Africa community secretariat has cleared claims of a newly developed
East African region currency, Shilling of East Africa and Franc (SHEAFRA), as fake.
The EAC on Monday refuted the misleading posts by a fake X account saying the currency has not been ratified yet.
“The EAC secretariat wishes to inform that 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 new banknotes for the region,” statement read
The fake account on X (twitter) referring to itself as the Government of East Africa shared a post of a 5 Sheafra note on Saturday claiming its debut.
“The east African sheafra of SHF.5 currency note has finally landed. The east African sheafra is here as a unifying factor for the east African monetary balances and economic equilibrium,” the post read
The central banks in the east African community last year decided to push the launching of the common regional currency to 2031.
EAC clears reports on new east Africa common currency 'SHEAFRA'