The West African CFA franc ( French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined ...
The West African CFA franc is expected to be renamed to the "Eco" in the near future. Institutions. There are two different currencies called the CFA franc: the West African CFA franc (ISO 4217 currency code XOF), and the Central Africa CFA franc (ISO 4217 currency code XAF). They are distinguished in French by the meaning of the abbreviation CFA.
The franc was the currency of French West Africa. The French franc circulated, together with distinct banknotes from 1903 and coins from 1944. It was replaced by the CFA franc in 1945.
In 1944, aluminium-bronze 50 centimes and 1 franc coins were issued. These were the only coins struck before the introduction of the CFA franc.
The Banque de l'Afrique Occidentale began issuing notes in 1903. 100 franc notes were introduced that year, followed by 5 francs in 1904, 500 francs in 1912, 25 francs in 1917, 1000 francs in 1919 and 50 francs in 1920. 10 franc notes were introduced in 1943. In 1944, the government issued notes for 50 centimes, and 1 and 2 francs. The notes of the Banque de l'Afrique Occidentale continued to circulate after the introduction of the CFA franc.
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The West African CFA franc is the currency of eight countries in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Sénégal and Togo. CFA means Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community").
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The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own francin 1961. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs. The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, replacing the Guinea-Bissau pesoat a rate of 1 CFA franc = 65 pesos. This currency was also pegged to the French franc so that 1 FRF = 100 XOF. After the French franc was abandoned due to the introduction of the euro, the peg remained at the same ratio.[ci...
For coins struck prior to the CFA franc, see French West African franc In 1948, aluminium 1 and 2 franc coins were introduced. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. All carried the name "Afrique Occidentale Française". In 1957, 10 and 25 franc coins were issued with the name of "Togo" were minted for use in that country, these were issued only for that year. From 1959, all coins have been issued by the BCEAO. From 1959 onward, the overall size and composition of the coins changed little, however "République français" and the stylized Marianne bust was dropped from all coins, replaced with the title "Banque Centrale des États de l'Afrique de l'Ouest" with the design on the 1, 5, 10, and 25 francs featuring a gazelle's profile, carried over from colonial issues, and a tribal mask between the denomination, which has become the emblem of the West African monetary union. Nickel-Steel 100 franc coins were introduce...
When the CFA franc was introduced, notes issued by the Banque Centrale des États de l'Afrique Occidentale in denominations of 5, 10, 25, 50, 100 and 1000 francs were in circulation. 500-franc notes were added in 1946, followed by those of 5,000 francs in 1948. In 1955, the Institut d'Emission de l'A.O.F. et du Togotook over the production of paper money, issuing notes for 50, 100, 500 and 1000 francs. In 1959, the BCEAOtook over the issuance of paper money and reintroduced a 5,000-franc note. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance. The codes are as follows: 1. A – Côte d’Ivoire 2. B – Benin 3. C – Burkina Faso 4. H – Niger 5. K – Senegal 6. M – Mali 7. S – Guinea-Bissau 8. T – Togo The country codes are used to identify and categorise flow of cash between the CFA franc countries, as well as repatriating banknotes to their country of origin. 50-franc notes were la...
There has been some debate over whether the West African CFA franc serves as way for France to keep influence in region, often to the detriment to these nations.For example one of the "rules" of the currency is that the central banks of all of the nations involved have to keep at least 50% of their foreign assets in the French Treasury. Some see this as a way to keep the currency stable while other see it as limiting the economic independence of the West African nations that are involved. Some studies have shown that the CFA franc has reduced intra-regional trade, made countries dependent on exporting a limited number of goods, narrowed the industrial base, and made the economies of these nations very vulnerable to external shocks. Even though during the early 1950s to the mid 1980s, CFA countries experienced higher real GDP growth and lower inflation rates than other non-CFA Sub-Saharan countries, the economic shocks of the 198...(in French) Union Economique et Monétaire Ouest Africaine (UEMOA)(Official Site of the West African Economic and Monetary Union)
West African CFA franc. Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, franco CFA ama franco fudud, ISO 4217 code: XOF) Niger, Senegal iyo Togo. Siddeed waddan ayaa isugu jira dad isugu jira 105.7 milyan oo qof 2014,  iyo wax-soo-saarka guud ee US $ 78.4 bilyan (sida 2012).  Qaybta Casriga ah ee CFA waxay u taagan tahay ...
The Central African CFA franc is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries have a combined population of 55.2 million people, and a combined GDP of US$113.322 billion. CFA stands for Coopération financière en Afrique centrale. It is issued by the Bank of Central African States, located in Yaoundé, Cameroon, for the members of the Economic and Monetary...
The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The Equatorial African colonies and territories using the CFA franc were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari. The currency remained in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984, replacing the Equatorial Guinean ekwele at a rate of 1 franc = 4 bi
According to the BBC, "critics, such as those leading the anti-CFA movement, say true economic development for the 14 African countries can only be achieved if they get rid of the currency. They argue that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. They also argue that they have no say in deciding key monetary policies agreed to by European countries, which are members of the Eurozone."
- 500, 1000, 2000, 5000, 10,000 francs
- 1, 2, 5, 10, 25, 100, 500 francs
- Bank of Central African States
The eventual goal is for the CFA franc and eco to merge, giving all of West and Central Africa a single, stable currency. The launch of the new currency is being developed by the West African Monetary Institute based in Accra, Ghana. Membership. Gambia (Founding Member) Ghana (Founding Member) Guinea (Founding Member)
The Central Bank of West African States ( French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union (UEMOA): Benin. Burkina Faso.
- related to: West African CFA franc wikipedia