Fake news! EAC secretariat rubbishes reports on new regional currency named ‘Sheafra’

The East African Community (EAC) secretariat has rubbished reports that the region has developed a universal currency dubbed the Shilling of East Africa and Franc (SHEAFRA).

This after a fake account on X named Government of East Africa shared on Saturday the specimen of a 5 SHEAFRA note saying “The East African Sheafra of SHF.5 Currency Note of fuv5 has finally Landed”.

The account said that the currency will help bolster the regional economy and one SHEAFRA will be valued at $0.76.

The eyebrow-raising post was met with a barrage of questions as many users questioned its legitimacy and even the criteria behind choosing the currency’s name.

The alleged ‘government of East Africa’ then went on an incessant roll of posting the note with different captions that were each met with mixed reactions.

“The East African Sheafra (SHF) is here a Unifying factor for the East African Monetary balances and Economic Equilibrium. We’re God Chosen,” read one subsequent post.

Another one read: “The East African Sheafra is a God Chosen Currency, let’s bear with it and embrace it, for with God, we do operate in his own Wisdom, knowledge and Understanding. Let’s give God a chance to lead so that we may not delay.”

On Monday morning the East African Community (EAC) posted on the same platform rebutting the much-swollen debate, 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.