On 20 May 2020, the Council of Ministers of the French Republic adopted a bill according to which the Central Bank of West African States, the central bank managing the currency of the eight nations of the West African Economic and Monetary Union which use the West African CFA franc, will no longer be required to deposit half of its exchange reserves with the Public Treasury of France. Furthermore, the French government will withdraw from all governing bodies of the Central Bank of West African States; until now, both the Minister of Finance of France and the governor of the Bank of France participated in the biannual meetings of the Central Bank, one of which took place in Paris. Both houses of the French legislature, the National Assembly and the Senate, must approve the bill for its provisions to come into force. Subsequent to ratification, the eco is expected to come into use in July 2020. It remains for the nations who have proposed to adopt the single currency, whether to continue using the name ‘eco.’ France will guarantee a fixed exchange rate of 1 euro to 655.96 West African CFA francs, though this arrangement is likely to change after the introduction of the new currency.