EAC Issues a Directive on the Alleged East African Shared Notes

By Cynthia Lodite,

The East African Community (EAC) secretariat has issued a directive following the fake notes circulating on Social Media.

The body while rubbishing the reports going rounds stated that the region does not have a developed universal currency dubbed the Shilling of East Africa and Franc (SHEAFRA).

Notably this comes after a fake account on X named Government of East Africa shared on Saturday 2nd March 2024, the specimen of a 5 SHEAFRA note saying “The East African Sheafra of SHF.5 Currency Note of fuv5 has finally Landed”. 

In addition according to a spot check done by Kalya Digital the account wrote that the currency will help bolster the regional economy and one SHEAFRA will be valued at $0.76.

At the time, the post drew conversations as netizens reacted to the move on implementing one currency for the East African Countries.

Likewise, many users questioned its legitimacy and even the criteria behind choosing the currency’s name.

On their part the East African Community through the secretariat on Monday,March 4th issued a statement on its X account formerly twitter clearing the air on the heated debate over the weekend terming it as fake and that there is no such currency.

“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,” said EAC.