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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.
It was established to promote monetary and financial stability as well as economic integration among countries that share the West African CFA franc (ISO 4217: XOF) as a common currency. [3] From 1962 to 1994, it was known as the West African Monetary Union (WAMU or, in French, UMOA for Union Monétaire Ouest-Africaine).
The currency they all use is the CFA franc, which is pegged to the euro. [ 71 ] The West African Monetary Zone (WAMZ), established in 2000, comprises six mainly English-speaking countries within ECOWAS which plan to work towards adopting their own common currency, the eco .
Burkina Faso is part of the West African Monetary and Economic Union (UMEOA) and has adopted the CFA franc. This is issued by the Central Bank of the West African States (BCEAO), situated in Dakar, Senegal. The BCEAO manages the monetary and reserve policy of the member states, and provides regulation and oversight of financial sector and ...
The service sector has grown quickly, stimulated by economic liberalization and fiscal reform, and the use of modern technology such as automobiles and computers has grown considerably as a result. Membership of the CFA Franc Zone offers reasonable currency stability as well as access to French economic support. Benin sells its products mainly ...
Mali is a part of the "Franc Zone" (Zone Franc), which means that it uses the CFA franc. Mali is connected with the French government by agreement since 1962 (creation of BCEAO). Today all seven countries of BCEAO (including Mali) are connected to French Central Bank. [145]