The East African Community (EAC) has quashed speculations surrounding the emergence of a purported universal currency known as the Sheafra Currency. In full, it was, Shilling of East Africa and Franc (SHEAFRA) currency. This was following a wave of misinformation on social media. We reported about this trend here. The East African Community (EAC) is an intergovernmental organisation composed of seven countries in East Africa. The member states are the Democratic Republic of the Congo, the republics of Burundi, Kenya, Rwanda, South Sudan, Uganda and Tanzania.
How Was the Sheafra Currency News circulated?
Over the weekend, a fake account claiming to represent the “Government of East Africa” circulated images of a 5 SHEAFRA note, asserting its arrival with grandiose claims of economic revitalization for the region. The announcement, accompanied by assertions that one SHEAFRA would equate to $0.76, prompted skepticism among online users.
What does the EAC say about it?
“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 rumors circulating on social media regarding the unveiling of new banknotes for the region,” emphasized the EAC.
How social media reacted to the Sheafra Currency
Questions regarding the legitimacy of the currency and the selection process of its name flooded social media platforms. There was a lot of doubt on the credibility of the supposed government entity behind the announcement.
Undeterred by mounting skepticism, the fictitious ‘government of East Africa’ continued to post images of the purported currency. Each caption was attempting to justify its existence and divine endorsement. Despite fervent attempts to sway public opinion, reactions remained divided.
What is the Sheafra?
The reported currency, known as the East African Sheafra (SHF), was expected to foster economic cooperation and facilitate smoother trade transactions within the region. The X handle disclosed that the SHF would be among six denominations released by the Community. This would be ranging from SHF 5 to SHF 200. However this was deemed fake news by EAC.
How EAC trashed the new Currency news
However, clarity emerged on 4th March 2024, Monday morning when the official EAC Secretariat intervened, categorically refuting the existence of such a currency. In a statement posted on the same platform, the EAC clarified that the journey towards a single currency among partner states is still underway and urged stakeholders to disregard the circulating rumors.
