A plan for East African countries to start using a common currency whose value is higher than any legal tender from member states is still ongoing, but implementation is not imminent.

In a series of tweets on Sunday, a verified person X, said to be an authority on the bloc’s affairs, claimed that the East African countries have officially launched a common currency, which will be implemented in due course.

The handle claimed that the currency called the East African Sheafra (SHF1) would be equivalent to Ksh760.

“East African Sheafra (SHF1 Sheafra) is valued at 0.76 cents on the dollar, almost a dollar; Tsh2800 (Tanzania Shillings), Ksh760 (Kenya Shillings), RFr1230 (Rwanda Franc), USh3400 (Ugandan Shillings), BF.3,103 (Burundi Franc),” the account said.

In the immediate aftermath of the announcement, some skeptics questioned the value of Sheafra, arguing that its performance against different currencies was out of proportion.

Some have complained that the currency ratios do not match, arguing that if 1 SHF is equivalent to 0.76 USD, it should be valued at Ksh 109, judging by the current performance of the Kenyan shilling against the dollar.

But others praised the move, noting that it would facilitate business transactions in East African countries and boost the value of some currencies that have been hugely affected by the dollar’s performance.

“Maybe this will save us from the volatile shilling,” said an online user.

The shilling is now trading at Ksh 144 against the dollar, down from a high of Ksh 160

However, the East African Community (EAC) has maintained that it has not introduced the new currency, explaining that the process is still ongoing.

The EAC Secretariat wishes to inform all our stakeholders that the journey of the partner states towards a single currency is still ongoing, the EAC said via its Jumuiya account.