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This study investigates the presence of currency substitution in eight African countries-Egypt, Morocco, Nigeria, Ghana, Kenya, South Africa, Tunisia and Zambia-for the period 1976 to 2005 using both regional and US dollar as anchor currencies. We find that currency substitution is prevalent in Ghana and Nigeria when CFA franc is used as an anchor currency. However, when US dollar is used as an anchor currency there is no evidence of currency substitution in Ghana but we still observe thedoi:10.1108/01443580911001760 fatcat:4dlbnwio4vfk3mnkgq4bqucuuy