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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 ...
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.
The West African Monetary Zone (WAMZ) has proposed to create a common currency for all West Africa states, the Eco. In May 2020, an agreement between the French government and 8 West African countries was reached, meaning to change the CFA franc to the Eco; though no plan had been established as of January 2021. [4]
On April 25, 2023, the ministerial meeting of the Economic and Monetary Community of Central Africa (Cemac) and France is held. In particular, the subject of the CFA franc was discussed. On the French side, the guarantee provided to the CFA franc, and the assurance of its convertibility, is perceived as a vector of economic stability for the ...
Download as PDF; Printable version ... This category is for articles and subcategories on currencies in Africa. All articles with ... West African CFA franc; West ...
[4] [5] The project was a response to the perceived lack of independence created by use of the CFA franc. Notes and coins of the imaginary currency were produced, and given away or sold to the people of Dakar and Senegal to encourage them "to reflect on the meaning (value) of money and the future of their own local currency". [6]
The CFA franc was pegged to the French franc, and now the euro, and its convertibility is guaranteed by the French Treasury. [52] [53] Despite sharing the same exchange rate, the CFA franc is actually two currencies, the Central African CFA franc and the West African CFA franc, which are run by their respective central banks in Central and West ...
The Economic and Monetary Community of Central Africa, generally referred to by its French acronym CEMAC (for Communauté Économique et Monétaire de l'Afrique Centrale; Spanish: Comunidad Económica y Monetaria de África Central), is an organization of states of Central Africa established by Cameroon, Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon to ...