In 2019, it was announced that the West African CFA franc would be reformed, which will include renaming it the The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the In 1948, aluminium 1 and 2 franc coins were introduced. To Convert. View charts, common conversions, historical exchange rates and more. The newer notes contain updated security features and are more modern in design. 04/87. From swap. Convert 1,000 XOF to USD with the TransferWise Currency Converter. 04/87. IMF Country Report No. In several central African states, the Central African CFA … When the CFA franc was introduced, notes issued by the Banque Centrale des États de l'Afrique Occidentale in denominations of 5, 10, 25, 50, 100 and 1000 francs were in circulation.

Both currencies are guaranteed by the French treasury. - See more at: Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88The role of Euro in Sub Saharan Africa, Economic papers 347, November 2008, swap. Last updated: August 15, 2020 at 12:05 AM CET. 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. On 22 December 2019, it was announced that La conversion XOF comporte 6 chiffres significatifs.

"A strong currency like the CFA franc makes exports from the CFA-franc zone much more costly than they would ordinarily be and as a result economic growth suffers accordingly. They also argue that they have no say in deciding key monetary policies. Le symbole d'abréviation pour Franc CFA Ouest Africain (XOF) peut être écrit CFAF. 500-franc notes were added in 1946, followed by those of 5,000 francs in 1948. Online currency converter English (US) Convert US Dollars to CFA BCEAO Francs Add to site. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable.

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. 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.

Le Franc CFA Ouest Africain est divisé en 100 centimes. The CFA Franc is the currency of Communauté Financière Africaine (BCEAO). The West African CFA franc is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. The change was welcomed because of a perception that the old notes were dirty and disease-ridden.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. Analyze historical currency charts or live CFA Franc BCEAO / CFA Franc BCEAO rates and get free rate alerts directly to your email. IMF Country Report No.

The currency is issued by the BCEAO, located in Dakar, Senegal, for the members of the UEMOA. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. Convert. All carried the name From 1959 onward, the overall size and composition of the coins changed little, however 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. More CFA Franc info > Also, they state that it the reserve requirement should be restructured in order to give CFA countries more economic freedom.International Monetary Fund, March 2004. Facts about West African CFA franc (XOF) The CFA franc (in French: franc CFA, "céfa", or just franc in everyday conversation) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish colony).


The CFA 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. That this effectively recreates a quasi-colonial trading relationship between France and its former African colonies that benefits France mightily has not been lost on observers. XOF West African Franc * Country West Africa Region Africa Sub-Unit 1 CFA = 100 centime Symbol CFA *Pegged: 1 EUR = 655.95700 XOF. Our currency rankings show that the most popular Communauté Financière Africaine (BCEAO) Franc exchange rate is the USD to XOF rate. Le taux de change pour Le Franc CFA Ouest Africain a été pour la dernière fois mis à jour le 13 août 2020 par le Fonds Monétaire International. The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. The acronym CFA stands for Communauté Financière d'Afrique or Communauté Financière Africaine.