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Usage of: West African CFA franc (XOF) Central African CFA franc (XAF) The CFA franc (French: franc CFA, [fʁɑ̃ seɛfɑ]) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for Communauté Financière Africaine, i.e. "African Financial Community" in English), used in eight West African countries ...
These included shells, [1] ingots, gold (gold dust and gold coins (the Asante)), arrowheads, iron, salt, cattle, goats, blankets, axes, beads, and many others. In the early 19th century a slave could be bought in West Africa with manilla currency ; multiples of X-shaped rings of bronze or other metal that could be strung on a staff.
Usage of: West African CFA franc Central African CFA franc The West African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XOF; abbreviation: F.CFA) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
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.
Central African CFA franc: F.CFA XAF Centime: 100 Chile: Chilean peso $ CLP Centavo: 100 China: Renminbi ¥ CNY Jiao [G] 10 Colombia: Colombian peso $ COP Centavo: 100 Comoros: Comorian franc: FC KMF Centime: 100 Congo, Democratic Republic of the: Congolese franc: FC CDF Centime: 100 Congo, Republic of the: Central African CFA franc: F.CFA XAF ...
The franc finally became the national currency from 1795 until 1999 [3] (franc coins and notes were legal tender until 2002). Though abolished as a legal coin by King Louis XIII in 1641 in favor of the gold louis and silver écu , the term franc continued to be used in common parlance for the livre tournois .
Country Currency Central bank Peg Benin: West African CFA franc: Central Bank of West African States: 1 EUR = CFA 655.957 Burkina Faso Guinea-Bissau Ivory Coast Mali Niger Senegal Togo Cameroon: Central African CFA franc: Bank of Central African States: 1 EUR= CFA 655.957 Central African Republic Chad Equatorial Guinea Gabon Republic of the Congo
BCEAO is the central bank of the states in green. 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.