The Central Bank of West African States (BCEAO) on March 11 denied reports on social media that it plans to devalue the CFA franc.

The central bank – which operates across eight West African states, all but one former French colonies – urged the public to ignore non-official communication about the currency. It warned it could take “legal action against the perpetrators and accomplices” of rumours that weaken the currency.

The BCEAO did not refer to any specific social media message, or