Under this carefully-considered control mechanism, participating countries were required to deposit most of their foreign currency reserves with the French Treasury, which in turn dictated monetary . British Pound (GBP) 1 GBP = 762.7371 XOF. The franc is nominally subdivided into 100 centimes but no coins or banknotes denominated in centimes have ever been issued. They are however, still legal tender. They are used as a means of payment in eight West-African countries. Some policymakers have argued that the CFA franc be tied to a basket of currencies rather than one currency as it currently is. The CFA is used in 14 African countries with a combined population of about 150 million and $235 billion of gross domestic product. On each of the West African CFA franc banknotes is the image of a gold weight from the Akan people, in the shape of a coiled up sawfish. But though initially "fixed", this "parity" will change to 1 FRF equalling 0.5 CFA Francs in 1948 and even 0.02 CFA Francs in 1960 when France introduced its New Franc. Iranian Rial As of January 2014, 14 african countries are obliged by France, through a colonial pact, to put 85% of their foreign reserve into France central bank under French minister of Finance control. The Banque Centrale des tats de lAfrique de lOuest issued CFA franc West Africa banknotes in 6 different denominations, including this 1000 francs banknote West African CFA.Additional information. International Monetary Fund, March 2004. [11] The colour of the 5,000-franc note was changed from blue to green. Is earthworms Deuterostome or Protostome? When the CFA franc was introduced, notes issued by the Banque Centrale des tats de l'Afrique Occidentale in denominations of 5, 10, 25, 50, 100, and 1,000 francs were in circulation. Some studies have shown that the CFA franc has reduced intra-regional trade, made countries dependent on exporting a limited number of goods, narrowed the industrial base, and made the economies of these nations very vulnerable to external shocks[citation needed]. The CFA franc, used by fourteen countries yet economically bound to France, is the last colonial currency on the African continent. The members that use the West African CFA France consist of the West African Economic and Monetary Union and include Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger,. List ranges from Cte dIvoire to Mali and more. Those amounts represent double the amount of aid from France to sub-Saharan Africa. Both currencies are guaranteed by the French treasury. As of 2021, France still retains the largest military presence in Africa of any former colonial power. In 1995, over US$380 billion were in circulation, of which two-thirds was outside the United States. In 2003, bimetallic 200 and 500 franc coins were introduced, replacing smaller denomination notes. The recent fall of the CFA franc against the dollar poses threats of inflation but also opens up export possibilities for the 14 African countries that use the currency. The West African CFA franc used by 8 independent countries and the Central African franc used by 6 different countries are the two notable ones amongst the different national currencies that are circulated across the African continent. African countries in the bloc won't have to keep 50 percent of their reserves in the French Treasury. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961. CFA stands for Communaut Financire dAfrique, which means Financial Community of Africa. 10,000 franc notes were introduced in 1977, followed by 2,500 franc notes in 1992. Eight countries use the euro-pegged West African CFA franc, which enjoys unlimited convertibility with the euro. Many of the concerns about the CFA franc relate to how it limits the economic levers African countries can use - that they can't set their own interest rates, for instance. How many West African countries use CFA francs? The CFA is used in 14 African countries with a combined population of about 150 million and $235 billion of gross domestic product. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018). Lagos, Nigeria CNN A revamped common currency in West Africa known as the ECO will be launched in 2020, according to French President Emmanuel Macron. Debate on the future of the CFA franc in the six-member Central African Economic and Monetary Community (CEMAC) has intensified after it was announced last week that eight West African. CFA franc can refer to two either the Central African CFA franc or the West African CFA . On November 30, 2012, the Banque Centrale des tats de l'Afrique de l'Ouest (Central Bank of the West African States) issued a 500-franc banknote. If you continue to use this site we will assume that you are happy with it. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance. In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. For example, in 1945, one French Franc was equal to 0.588 CFA Francs. It was established to promote economic integration among countries that share the CFA franc (XOF) as a common currency. West African countries will stop using the Financial Community of Africa (CFA) franc currency beginning sometime in 2020, Ivorian President Alassane Ouattara said Saturday. How many African countries use the CFA franc? The currency serves a huge combined population of 105 million people and is an essential diplomatic link between West African countries today. Use this currency calulator for live currency conversions as you type. In 1994 the currency was devalued by half to F.CFA1 = F0.01. France's President Emmanuel Macron, who jointly announced the end of the CFA franc in Abidjan on Saturday, said that this move was made in order to end Franafrique monetary ties. 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; Union conomique et Montaire Ouest Africaine): Benin, Burkina Faso, Cte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The West African CFA franc (French: franc CFA or simply franc, ISO 4217 code: . No changes . (XOF) West African CFA Franc 1 XOF = 0.0013 GBP. 1800 XAF to BSD exchange rate Dec, 2022 and 1800 Central African CFA Franc BEAC to Bahamian Dollar conversion data by Conversion Ai provides historical chart price for 1800 Central African CFA Franc BEAC to Bahamian Dollar with easy to use tools like 1800 XAF to BSD converter to help you get the best 1800 XAF to BSD quote today. From 1959 onward, the overall size and composition of the coins changed little, however "Rpublique franaise" and the stylized Marianne bust was dropped from all coins, replaced with the title "Banque Centrale des tats de l'Afrique de l'Ouest" with the design on the 1, 5, 10, and 25 francs featuring a gazelle's profile, carried over from colonial issues, and a tribal mask between the denomination, which has become the emblem of the West African monetary union. This list of West African CFA franc using countries contains various bits of information, such as each country's official language and form of government. The 10 and 25 franc coins saw a redesign in 1980, depicting a family using a water pump and a young woman with chemistry tools, respectively. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sngal, Togo and Upper Volta. For example, within the past fifty years . The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. UEMOA members are: 7 French-speaking countries . The country letter codes are as follows: The country codes are used to identify and categorise flow of cash between the CFA franc countries, as well as repatriating banknotes to their country of origin.[10]. Where did the CFA franc originally come from? We exchange both current and withdrawn CFA West African francs. When was the first CFA franc banknote issued in Africa? Beginning in 2027, the 15 Economic Community of West African States (ECOWAS) countries, which include eight CFA franc member statesBenin, Burkina Faso, Cte d'Ivoire, Guinea, Guinea-Bissau, Mali, Niger, Senegal, and Togowill adopt the eco. fourteen countries Between the early 1950s and the mid-1980s, CFA franc countries had stronger real GDP growth and lower inflation than other sub-Saharan African countries. [12][13], There has been some debate over whether the West African CFA franc serves as way for France to keep influence in region, often to the detriment to these nations. The Congolese franc, also known as the franc, FCFA, or CFA franc, is the currency used in the Republic of Congo along with numerous other independent countries in Central Africa, including Cameroon, Gabon, Equatorial Guinea and Chad. - Union conomique et montaire ouest-africaine) (Engl. Some see this as a way to keep the currency stable while other see it as limiting the economic independence of the West African nations that are involved. The CFA franc is used in 14 countries, 12 of which are former French colonies. The Central African Franc is an official currency and used in 5 countries. 1. The Central African franc is an official currency and used in 6 countries. The Central African Franc is tied to the Euro with a fixed exchange rate. WAEMU has eight members: Benin, Burkina Faso, Cote D'Ivoire, Guinea-Bissau (a former Portuguese colony joined in 1997), Mali, Niger, Senegal, and Togo. How has use of the CFA franc affected Central Africa? [4][5] The broader Economic Community of West African States (ECOWAS), of which the members of UEMOA are also members, plans to introduce its own common currency for its member states by 2027, which they have also formally adopted the name of eco for.[6][7]. 'CFA' stands for 'Communaut Financire d'Afrique', which means 'Financial Community of Africa'. The smallest one is the 1,000 franc banknote, after which you will find the 2,000 and 5,000 franc notes followed finally by the 10,000 franc note. The worlds weakest currency is considered to be either the Iranian Rial or the Venezuelan Bolvar. French and international media had long taken its existence as something of a dirty secret, even though it is used by some 187 million people. Is France still taking money from Africa? The west African CFA franc, which is used by eight countries, will be ditched in 2020 and replaced by the eco, which will have far looser ties to France. . The central African CFA franc is unchanged . The CFA franc zone consists of 14 countries in sub-Saharan Africa, each affiliated with one of two monetary unions. These countries use the Central African CFA franc (XAF); The Union of the Comoros uses the Comorian franc (KMF). Exchange Rate Today For Converting Central African CFA Francs to Nigerian Naira 1 XAF = 0.133 NGN, Exchange Rate Today For Converting West African CFA Francs to Nigerian Naira 1 XOF = 0.133 NGN. The value of the CFA franc has fallen steeply against the dollar since January, posing problems for the 14 countries in West and Central Africa that use it. West African CFA Franc: Patrice Talon: Burkina Faso: Ouagadougou: 18.7: . The value of the CFA Franc evolved multiple times over the years and only when Paris decided it. Today, the CFA franc is. West African CFA franc banknotes are issued by the Banque Centrale des tats de l'Afrique de l'Ouest, based in Dakar (Senegal). Following on from this impressive number of coins you can also use a variety of banknotes, although there are but five of these in existence. . However, the changes will only affect the West African form of the currency used by Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo - all former French colonies except Guinea Bissau. Currency code: XOF: Currency symbol: Fr: Benin; Burkina Faso; Cte d'Ivoire; Guinea-Bissau; Mali; Niger; Senegal; Togo; Whose flag is it? A bimetallic 250 franc coin was introduced in 1992 to reduce excess change. However, the amount estimated by France was so big that the reimbursement of the so called colonial debt was close to 40% of the country budget in 1963. These are: 1) a name change to 'eco'; 2) a French representative will no longer sit on the board of the UEMOA central bank (BCEAO); 3) the BCEAO will no longer have to place at least 50% of its foreign exchange reserves in an account at the French treasury. Does France still exploit Africa? The acronym CFA stands for Communaut Financire Africaine ("African Financial Community"). This currency common to fifteen African countries, including the Comoros, the CFA for "French colonies . It looks like nothing was found at this location. This is due to the high inflation levels, political conflicts and poor economic health of the countries. These also featured the familiar tribal mask. There are eight independent African countries that use the West African CFA franc: Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Guinea-Bissau and Benin. Any countries using the West African CFA franc as their form money are listed below. CFA Franc: where is West Africa? There are eight independent African countries that use the West African CFA franc: Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Guinea-Bissau and Benin. Initially, the French colonies used currencies linked . In reality, the difference between the two Cameroonian and Nigerian currencies is rather on the number of notes issues. IMF Country Report No. The Current Problems of the International Mastery of the CFA Franc and the Crisis of Sovereign Equality", "How the France-backed African CFA franc works as an enabler and barrier to development", Union Economique et Montaire Ouest Africaine (UEMOA), "The exchange rate of the CFA Franc BCEAO", https://en.wikipedia.org/w/index.php?title=West_African_CFA_franc&oldid=1125317706, 1, 5, 10, 25, 50, 100, 200, 250, 500 francs, Denomination and date of issue; text "UNION MONETAIRE OUEST-AFRICAINE", Emblem of Central Bank of West African States; text "BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST"; "5 F", Emblem of Central Bank of West African States; text "BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST"; "10 FRANCS", Two women and a child pumping water; date of issue, Emblem of Central Bank of West African States; text "BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST"; "25 FRANCS", Laboratory assistant pouring liquid into a test tube; date of issue, Denomination within a mixture of beans, grains, and nuts; text "UNION MONETAIRE OUEST-AFRICAINE"; date of issue, Emblem of Central Bank of West African States; text "BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST", Denomination within flowers; text "UNION MONETAIRE OUEST-AFRICAINE"; date of issue, Denomination within produce; text "UNION MONTAIRE OUEST AFRICAINE"; "200 FCFA"; date of issue, Bi-metallic coin (brass center plug with a copper-nickel outer ring), "Denomination within produce; text "BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST"; "250 FRANCS, Emblem of Central Bank of West African States; text "UNION MONTAIRE OUEST AFRICAINE"; map of, Bi-metallic coin (copper-nickel center plug with a brass outer ring), Denomination within produce; text "UNION MONTAIRE OUEST AFRICAINE"; "500 FCFA"; date of issue, A (Cte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); S (Guinea-Bissau); T (Togo), Building of Banque Centrale des tats de l'Afrique de l'Ouest (, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; computerization in West Africa: hand touching a touch tablet PC which is connected to West African countries on the outline map of Africa, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; symbols of education and health, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; transportation, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; agriculture, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; telecommunications, This page was last edited on 3 December 2022, at 11:02. When it was introduced in 1945, CFA stood for colonies franaises d'Afrique (French colonies of Africa). CFA francs are used in fourteen countries: twelve nations formerly ruled by France in West and Central Africa (excluding Guinea and Mauritania, which withdrew), plus Guinea-Bissau (a former Portuguese colony), and Equatorial Guinea (a former Spanish colony). It is also used as a reserve currency by many countries. How many countries use West African CFA franc? Which countries use the French franc in West Africa? Theme Kourtier Blog by. The CFA franc is one of two regional African currencies backed by the French treasury with pegging to the euro. The term CFA has had several meanings over the years. The new changes will only affect the West African form of the currency used by Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo - all former French colonies except Guinea Bissau. The newer notes contain updated security features and are more modern in design. The West African franc is commonly known as the CFA franc and is interchangeable with the other CFA currency, the Central African franc (XOF). The Central African franc is tied to the euro with a fixed exchange rate. This list of CFA franc using countries contains various bits of information, such as each country's . The Central African Economic and Monetary Union (CEMAC) and the West African Economic and Monetary Community (WAEMU) are known as the two CFA franc zones. While the two are technically separate. 9 How many countries use the Central African franc? The fixed exchange rate guarantees the relative stability of the . The CFA franc zone as a whole has thus resulted in: Limited intra-regional trade, especially in Central Africa. These countries use the West African CFA franc (XOF); The Economic and Monetary Community of Central Africa (CEMAC) of 6 Member States: Cameroon, the Central African Republic, Chad, the Congo, Equatorial Guinea and Gabon. These coins, however, proved to be unpopular in many regions and were discontinued after 1996. 0 correctly. The CFA is used in 14 African countries with a combined population of about 150 million and $235 billion of gross domestic product. This website uses cookies. The Latest Innovations That Are Driving The Vehicle Industry Forward, camels, Camelus dromedarius, Catfish, snake. Like all the other West CFA franc coins, these depicted the mask emblem. 4.5K views, 191 likes, 5 loves, 13 comments, 6 shares, Facebook Watch Videos from BF1 TV: Le 19h30 du 05 novembre prsent par Abdourazak TRAORE CFA francs are used in fourteen countries: twelve nations formerly ruled by France in West and Central Africa (excluding Guinea and Mauritania, which withdrew), plus Guinea-Bissau (a former Portuguese colony), and Equatorial Guinea (a former Spanish colony). [3] The currency is issued by the Central Bank of West African States (BCEAO; Banque Centrale des tats de l'Afrique de l'Ouest), located in Dakar, Senegal, for the members of the UEMOA. List ranges from Cte d'Ivoire to Mali and more. In most African countries, the US Dollar is acceptable for payments made in local currency, but in certain cases it is more appropriate to tip the service provider.To be sure that tips are paid on a Rand basis, South Africans should provide it here. 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The central bank is located in Dakar. The acronym CFA stands for Communaut Financire Africaine ("African Financial Community"). West African CFA franc; Countries using West African CFA franc currency. They are however, still legal tender. West African CFA Franc - Nations Using This Currency. The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. / 254. Several countries belonging to the West African Economic and Monetary Union (UEMOA) were French colonies using the French West African franc, including the Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Senegal, Togo and Upper Volta. The change was welcomed because of a perception that the old notes were dirty and disease-ridden. 3 How has use of the CFA franc affected Central Africa? The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sngal, Togo and Upper Volta. 500 franc notes were added in 1946, followed by those of 5,000 francs in 1948. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961. Did you know many African countries continue to pay colonial tax to France since their independence till today! The CFA franc is the national currency of eight West African countries: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. WAEMU - the West African Economic and Monetary Union) is an organization of 8 West African states. There are lots of countries that use the West African CFA franc for money, so if you're looking to find a comprehensive list of all of them then this is a great reference. All carried the name "Afrique Occidentale Franaise". There are three key reforms for the West African CFA franc zone (UEMOA). In fact France allows them to access only 15% of the money in any given year. The currency was pegged to the French franc at F.CFA1 = F2. from 1948, becoming 1F.CFA = NF0.02 after introduction of the new franc at 1 new franc = 100 old francs. 10 When did the West African CFA franc stop being legal tender? Countries using this currency: Benin, Burkina faso, Cte d'ivoire, Guinea-bissau, Mali, Niger, Senegal, Togo, If you continue to use this site we will assume that you are happy with it. Calls to overhaul the West African CFA franc, a currency tied to the euro and historically rooted in French colonial rule, raise a host of thorny problems, analysts say. 8 Is the CFA franc used in Central Africa? Several countries adopted it when it first came into being, although there have been a few changes since that time. Unlike some coins of the Central African CFA franc, no modern circulation coins have been issued depicting the names of individual member states, nor any letters or marks of indication. The CFA franc stands for the West African CFA franc and the Central African CFA franc, two currencies that, even though separate, are in practice interchangeable and which have a fixed exchange rate to the euro. The Forties was the first time the West African CFA franc came into being in West Africa. 30 Votes) 14 African countries. This is brought about by the countries depositing 50 percent of their reserves with the Bank of France, which . The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sngal, Togo and Upper Volta. In terms of trade, the CFAs fixed exchange rate to the euro has led to a greater facilitation of trade through the reduction of uncertainty and stabilization of domestic prices. . The CFA franc was created in 1945, ostensibly as a noble gesture to protect France's African colonies from a devaluation of the French franc. No other. When did the West African CFA franc stop being legal tender? UEMOA (fr. What is the name of the West African currency? As of fiscal year ended August 2017: Number of members: 156,800. The West African CFA franc has been used as the official currency in this part of the world since the 1940s. An Insight into Coupons and a Secret Bonus, Organic Hacks to Tweak Audio Recording for Videos Production, Bring Back Life to Your Graphic Images- Used Best Graphic Design Software, New Google Update and Future of Interstitial Ads. These West African CFA franc banknotes circulated from 1991 until 2002. In 1959, the BCEAO took over the issuance of paper money and reintroduced a 5,000 franc note. List of countries, nations and states that use the West African CFA franc as their official currency, listed alphabetically with photos when available. UEMOA was created by a Treaty signed in Dakar on 10 January 1994, by the heads of state and governments of Benin, Burkina Faso, Cte d'Ivoire, Mali, Niger, Senegal, and Togo. The CFA franc, its initials come from the French words for African Financial Community, was launched on December 26, 1945 as a "franc of the French colonies of Africa." They are both commonly referred to as the CFA franc. They were issued by the Dakar based Banque Centrale des tats de lAfrique de lOuest. 50-franc notes were last issued in 1959, with 100 francs not issued since 1965. The currency was introduced by French colonials in 1945. In 2004, a new series of notes was introduced in denominations of 1,000, 2,000, 5,000, and 10,000 francs, with the 500 franc note having been replaced by a coin the year before. These coins, however, proved to be unpopular in many regions and were discontinued after 1996. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961. In fact, the CFA was introduced as a common currency to the former French colonies in 1945. . We use cookies to ensure that we give you the best experience on our website. et du Togo took over the production of paper money, issuing notes for 50, 100, 500, and 1,000 francs. However, the changes will only affect the West African. In June 2019, Chihombori-Quao, former ambassador of the African Union (AU) to the United States, stated that France takes over $500 billion from Francophone African countries based on a pact they forced these countries to sign before they were granted independence. You can use the one franc coin and also watch out for the 5, 10, 25, 50, 100, 200, 250 and 500 franc coins as well. They are effectively putting in 500 Billion dollars every year to the French treasury. As of 2021, France still retains the largest military presence in Africa of any former colonial power. The Bank of Central African States (BEAC) is responsible for issuing the West African banknotes. Nickel-Steel 100 franc coins were introduced in 1967, followed by the cupro-nickel 50 franc coins in 1972. This list answers the questions, "Which countries use the West African CFA franc?" In 2003, bimetallic 200 and 500 franc coins were introduced, replacing smaller denomination notes. The Central African CFA franc is used by Cameroon, the Central African Republic, the Republic of the Congo , Gabon , Equatorial Guinea and Chad. Is Elon Musk building tunnels under Las Vegas. The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Cte d'Ivoire, Guinea-Bissau, Mali, Niger, Sngal and Togo. In the CFA franc system the African central banks have for decades been obliged to deposit a large proportion of their foreign currency reserves into the French treasury. If there is need for any more, they need to borrow the extra money from their own 65% from the French Treasury at commercial rates. Burkina Faso: Report on the Observance of Standards and CodesData Module, Response by the Authorities, and Detailed Assessment Using the Data Quality Assessment Framework, page 115. ISO 4127: XAF Numeric: 950 List of all currencies 1.00 Central African francs = 0.0016 US dollars Currency: Convert to: Amount: Reverse currencies How many members are there in the CFA? Or that, upon exchanging currencies, 1 Euro is equal to 335.6 Naira while 1 Euro is equivalent to FCfa 655.9570. He accused the French government of manipulating the economies of mainly former French colonies in Africa, which use a form of the pre-independence currency known as a CFA franc. The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Cte d'Ivoire, Guinea-Bissau, Mali, Niger, Sngal and Togo. How to Market Your Business with Webinars? As those colonies gained independence, they continued to use the CFA France for their currency. In 1957, 10 and 25 franc coins were issued with the name of "Togo" were minted for use in that country, these were issued only for that year. eight independent Official state name: Burkina Faso Region: West Africa Capital: Ouagadougou President: Paul-Henri Sandaogo Damiba Population: 21,899,561 Population growth rate: 2.8% Area: 272,967 km Elevation: 305 m Currency: West African CFA franc (XOF) Gross domestic product: 17.37 billion USD Country code: +226 ISO: BF Language: French There are lots of countries that use the West African CFA franc for money, so if you're looking to find a comprehensive list of all of them then this is a great reference. West African CFA franc: XOF: Liechtenstein: Swiss franc: CHF: Mali: West African CFA franc: XOF: Niger: We use cookies to ensure that we give you the best experience on our website. 8 West African countries end use of CFA franc in 'historic' move. France essentially gives African countries back a fraction of these forced deposits as "help." They are separate currencies. Category: business and finance currencies. Therefore, 1 franc always equals to 0.0015 euro. From 1959, all coins have been issued by the BCEAO. Conversion into euros is made at a fixed exchange rate of one euro for 655,957 CFA francs. We exchange both current and withdrawn CFA West African francs. Economic Community of West African States, "West Africa renames CFA franc but keeps it pegged to euro", "West Africa's new currency, the Eco: Rebrand or fresh start? The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. All the . Maybe try a search? The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961. In 1948, aluminium 1 and 2 franc coins were introduced. In December 2019 it was announced that the West African CFA franc would be reformed, which will include renaming it the eco and reducing France's role in the currency. The only denomination used for the West African CFA franc is that of the franc itself. Therefore, 1 Franc always equals to 0.0015 Euro. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. The Central African CFA franc is the common currency in six other countries: Equatorial Guinea, Gabon, Cameroon, the Republic of . From past to present - the history of the Mali West African CFA franc. 0 wrong. Asked By: Enea Shakespeare | Last Updated: 27th April, 2022. These eight countriesBenin, Burkina Faso, Cte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togoare worth a collective 58.966 billion CFA Francs, that is, $102.2 billion (the. Luigi Di Maio, Italian Deputy Prime Minister and leader of the populist Five Star Movement, has blamed France for impoverishing Africa and encouraging migration to Europe. In West Africa, eight countries share the common currency known as the West African CFA franc: Benin, Burkina Faso, Ivory Coast, Guinea Bissau, Mali, Niger, Senegal and Togo. Even though during the early 1950s to the mid-1980s, CFA countries experienced higher real GDP growth and lower inflation rates than other non-CFA Sub-Saharan countries, the economic shocks of the 1986 and 1993 caused the CFA franc to become increasingly overvalued and run increased deficits in the French Treasury. Copyright All rights reserved. How many countries use the Central African franc? [14] For example, one of the "rules" of the currency is that the central banks of all of the nations involved have to keep at least 50% of their foreign assets in the French Treasury. In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. a) b) c) Well done! Several countries use the U.S. dollar as their official currency, and many others allow it to be used in a de facto capacity. Does France use CFA? The CFA is used in 14 African countries with a combined population of about 150 million and $235 billion of gross domestic product. There are eight independent African countries that use the West African CFA franc: Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Guinea-Bissau and Benin. December 29, 2020. It can refer to either the Central African CFA franc, or the West African CFA franc. Eight members of the West African Economic and Monetary Union (UEMOA) reached an agreement to use a new common currency called the ECO. ", "West Africa: ECOWAS Heads of State Name Single Currency ECO", "West Africa regional bloc adopts new plans to launch ECO single currency in 2027", "The Many Varieties of West African States Banknotes", West African States new 500-franc note to be issued 30 November 2012, "International Law and Monetary Sovereignty. The union administers the West African CFA franc, now a Euro-pegged currency that is used in Benin, Burkina Faso, Cte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Usage of: The CFA franc (in French: franc CFA [f sef], or colloquially franc) is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. List of countries, nations and states that use the CFA franc as their official currency, listed alphabetically with photos when available. Small, stainless steel 1 franc coins were introduced in 1976, replacing the larger aluminum 1 franc coins, and were struck until 1995. The CFA is in fact split into two separate currency zones dating back to 1945. The countries of the franc zone must . All CFA coins depict both a mint mark, along with an engraver's privy mark. The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. France maintains a tight stranglehold in . In 1955, the Institut d'Emission de l'A.O.F. List Of Currencies Of Africa - Updated 2022. CFA Franc: One of two African regional currencies backed by the French treasury, and pegged to the euro. Niger was actually one of the countries in this first group to adopt the new franc and it has used it ever since. The CFA franc is the name of two currencies common to 14 countries in Central and West Africa, namely the Central African Economic and Monetary Community (CEMAC) and the Economic and Monetary Union of West Africa. The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997,[8] replacing the Guinea-Bissau peso at a rate of 1 CFA franc = 65 pesos. A year ago French Presidents Emmanuel Macron and Ivorian Alassane Ouattara announced the end of the CFA franc in the eight countries of the West African Economic and Monetary Union (Uemoa). Any countries using the CFA franc as their form money are listed below. The list of West African countries and their currencies shows that eight of 16 countries in West Africa use the West African CFA Franc as their official currency. Like all the other West CFA franc coins, these depicted the mask emblem. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs. In return for guaranteeing the currency, France holds 50 percent of the foreign exchange reserves of the C.F.A. 04/87. [15], Current coins of the West African CFA franc. The mint mark is located on the reverse on the left side of the denomination or date while the engraver's mark is located on the right. Updated June 8, 20178 items. Benin, Burkina Faso, Cte D'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo comprise the West African Economic and Monetary Union, or WAEMU, founded in 1994 to build on the foundation of the West African Monetary Union, founded in 1973. The states include : Benin, Burkina Faso, Cte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which make up the West African Economic and Monetary Union (WAEMU), whose central bank is the BCEAO ; From 1999 it has since been pegged to the euro at 1 = F6.55957 = F.CFA655.957, For coins struck prior to the CFA franc, see French West African franc. France maintains a tight stranglehold in Francophone Africa, both to serve its interests and maintain a last bastion of imperial prestige. Today, the CFA zone encompasses 12 former French coloniesBenin, Burkina Faso, Cameroon, Chad, Central African Republic, Gabon, Ivory Coast, Mali, Niger, the Republic of Congo, Senegal, and Togoas well as newer entrants Guinea-Bissau and Equatorial . Despite the two main African banks having African names, they have no monetary policies of their own. The ECO is supposed to replace the. Eight countries make up the West African Economic and Monetary Union and a further six are in the Central. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sngal, Togo and Upper Volta. eight independent. The production of CFA franc notes and coins has been carried out at Chamalires by the Bank of France since its creation in 1945. Monetary cooperation between Africa and France: the CFA Franc France has monetary cooperation agreements with three African monetary areas: the West African Monetary and Economic Union (WAEMU), the Central African Economic and Monetary Community (CEMAC) and the Union of the Comoros. TO =. Also, they state that the reserve requirement should be restructured in order to give CFA countries more economic freedom. Eight West African countries Saturday agreed to change the name of their common currency to Eco and severed the CFA franc's links to former colonial ruler France.The CFA franc was initially pegged to the French franc and has been linked to the euro for about two decades.Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo currently use the currency. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. These eight countries had a combined population of 105.7million people in 2014,[1] and a combined GDP of US$128.6billion (as of 2018).[2]. 4.6/5 (356 Views . 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