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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: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
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 ...
The currency was pegged to the French franc (F) at F.CFA 1 = 2 French francs from 1948, becoming F.CFA 1 = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was devalued by half to F.CFA 1 = F 0.01. From 1999 it has since been pegged to the euro at €1 = F 6.55957 = F.CFA 655.957.
Building at 29, rue du Colisée in Paris, head office of BCEAO from the early 1960s to relocation to Dakar in 1978. In 1955, the French government transferred the note-issuance privilege for its West African colonies, hitherto held by the Banque de l'Afrique Occidentale, to a newly created entity based in Paris, [3] the Institut d'Émission de l'Afrique Occidentale Française et du Togo.
An airline ticket showing the price with ISO 4217 code "EUR" (bottom left) and not with euro currency sign " € "ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual currencies and their minor units.
The eco is the name for the proposed common currency of the Economic Community of West African States (ECOWAS). Plans originally called for the West African Monetary Zone (WAMZ) states to introduce the currency first, which would eventually be merged with the Euro-pegged CFA franc which is used by the French-speaking West African region within the West African Economic and Monetary Union (UEMOA).
Between 1884 and 1914, the German mark was the currency of Togo as Germany was the colonial power. In 1914, Togo was occupied by British and French forces. Togo was split into two League of Nations mandate territories, with the western, British portion adopting the British West African pound and eventually becoming part of Ghana.
Map of the CFA Franc Zone Ivory Coast is in the CFA Franc Zone , a former French colonial monetary zone created in 1939, which now gathers 14 Sub-Saharan countries using the CFA Franc . [ 6 ] Following the Second World War, French authorities reformed the CFA and fixed its convertibility to the metropolitan Franc .