On 2 August 1993, things became clearer: the monetary authorities of the franc zone suspended the redemption of CFA banknotes outside of the franc zone. Shortly thereafter, the BEAC decided to no longer guarantee the convertibility of its CFA franc banknotes within the WAMU. The BCEAO did the same with its banknotes within the CEMAC. The CFA franc notes of the two areas could no longer be exchanged directly between each other, but had to pass through the anchor currency. The aim was to stem capital flight, but also to 'limit the haemorrhaging' of CFA francs towards Nigeria and 'contain the invasion of products manufactured from that country', notes the economist Javier Herrera.

Fanny Pigeaud_ Ndongo Samba Sylla, Africa's Last Colonial Curr…, loc. 210