Members of the East African Community (EAC) will soon begin transacting using a common currency valued higher than any other currency from member states.

In a series of tweets answering numerous concerns raised, the Government of East Africa revealed that East African Sheafra (SHF1) will be equivalent to Ksh760.

The government also explained that the currency is not equivalent to a Dollar but will be valued at US$0.76 and Ush3,400.

"The East African Sheafra (SHF1 Sheafra) is valued at 0.76 cents on the Dollar, almost a Dollar; Tsh2800 (Tanzania Shillings), Ksh760 (Kenya Shillings), RFr.1,230 (Rwanda Franc), USh3,400 (Uganda Shillings), BF.3,103 (Burundi Franc)," explained the government.

Immediately after the announcement, a section of sceptics questioned the value of the Sheafra, arguing that its performance against different currencies was mismatched.

Some complained that the currency ratios did not match arguing that if SHF1 is equivalent to US$0.76, it should then be valued at Ksh109 judging by the Kenyan Shilling's current performance against the Dollar.

Others, however, praised the move noting that it will ease business transactions around the East African countries and boost the value of some currencies that had been affected immensely by the performance of the Dollar.

"Maybe this will save us from the volatile Shilling," stated Alvine. The Shilling is now trading at Ksh144 against the Dollar, a drop from a high of Ksh160.

Earlier today, the Government of East Africa launched the SHF5 which will be rolled out by the Bank of East Africa.

The currency has the insignia ‘The East African Sheafra’ written in capital letters and will have a magnetic strip and two watermarks bearing the East African Logo as well as the currency initials - SHF. 

The SHF5 note has earthy colours with a hue of light brown to dark brown. The SHF200, which is the highest in the denomination, bears different shades of green colour.

SHF10, on the other hand, has hues of colours ranging from maroon to brown while SHF20 note contains colours black, brown and light blue.

SHF50 features colours grey and light green while SHF100 features colours grey and yellow. All the notes will carry a signature from the Bank of East Africa's governor and secretary.