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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 ...
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.
There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both currency unions use the CFA Franc as their legal tender.
In West Africa, the CFA franc was issued by the Banque de l'Afrique Occidentale (BAO) under an issuance privilege granted by French national legislation. In 1955, the BAO was replaced in that role by the public-sector Institut d'Émission de l'Afrique Occidentale Française et du Togo, which in turn was renamed the BCEAO in 1959.
2006 saw a redesign of all denominations of coins for the CFA franc, along with the introduction of a 2 franc piece. The 1, 5, 10, and 25 franc coins were reduced in size, while a new bi-metallic 100 franc coin was introduced, along with a new and reduced size 500 franc coin with heightened security features, including laser marking.
The WAMZ attempts to establish a strong stable currency to rival the CFA franc, whose exchange rate is tied to that of the euro and is guaranteed by the French Treasury. The eventual goal is for the CFA franc and eco to merge, giving all of West and Central Africa a single, stable currency.
A 1943 5 French West African franc note French West Africa 500 Francs banknote of 1946. 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.