Part one of a series on the CFA franc, the currency France created for its African colonies on Boxing Day 1945 and still runs today, across fourteen countries and more than two hundred million people.

In this episode you will discover:

  • How the Nazi occupation actually extracted wealth from France, which had almost nothing to do with soldiers and everything to do with an exchange rate, an occupation currency, and France's own central bank being legally forced to do the work
  • Why Charles de Gaulle signed the CFA franc into existence on the same day France ratified the Bretton Woods agreements, eighteen months after liberation, with no African government in the room
  • How the system still works in 2026 why these countries have access to roughly thirty percent of their own foreign currency reserves, and why every banknote they use is printed in a factory in central France

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