About the West African CFA Franc
The CFA Franc was created in 1945. It was initially pegged to the French Franc and has been pegged to the Euro since 1999. It is used by eight West African countries.
CFA originally stood for 'Colonies Françaises d'Afrique' (French Colonies of Africa). After independence, it changed to 'Communauté Financière Africaine' (African Financial Community) for West Africa.
Interesting Facts
Pegged to the Euro
The West African CFA Franc is pegged to the Euro at a fixed rate (1 EUR = 655.957 FCFA), providing stability and facilitating trade for its member states.
Regional Currency
It serves as the common currency for eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
A Legacy of Cooperation
The CFA Franc system is a legacy of French colonial rule, designed to foster monetary cooperation and stability among its member countries.
Historical Timeline
The CFA Franc is created.
The Central Bank of West African States (BCEAO) is established.
The CFA Franc's peg is transferred from the French Franc to the Euro.
Denominations
Banknotes
Coins
Security Features
Quick Facts
- ISO Code
- XOF
- Symbol
- CFA
- Numeric Code
- 952
- Subunit
- Centime (1/100)
- Introduced
- 1945-12-26
Central Bank
- Name
- Central Bank of West African States
- Headquarters
- Dakar, Senegal
- Founded
- 1962
- Current Governor
- Jean-Claude Kassi Brou (since 2022)
Economic Data
- Reserve Currency Share
- 0.0%
- Forex Volume Share
- 0.0%
- Inflation Rate
- 3.5%
- Interest Rate
- 3.50%
Exchange Rates
Used In
What Affects the XOF Exchange Rate?
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