The political economy of Africa, Routledge, pp.357-368, 2010. hal-03056414 XOF-XAF: The CFA franc, another French currency. - See more at: Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88. The West African CFA Franc (XOF) is the currency shared by eight West-African nations: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, … In 1998, in anticipation of Economic and Monetary Union of the European Union, the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros and ruled that: In 2019, a reform of the West African CFA franc was initiated. [citation needed] The devaluation of 1994 was an attempt to reduce these imbalances. As of this month, the West African CFA franc is supposed to be replaced by a new currency. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. Updated 8:26 AM ET, Mon December 23, 2019 . France is set to end the use of the 75-year-old controversial CFA franc in West Africa. ll 【Fr1 = ₵0.01082】 West African CFA franc to Ghanaian cedi rate today. Meaning of cfa franc. They are distinguished in French by the meaning of the abbreviation CFA. On each of the West African CFA franc coins is the image of a traditional Akan gold weight in the shape of a coiled up sawfish. France withdraws its representatives from […] West African CFA Franc to Naira rate recently moves upwards 0.38% in FX Market; West African CFA Franc to Naira rate recently moves downwards 0.26% in CBN; West African CFA Franc to Naira exchange rate has the lowest value of ₦ 0.00 at Moneygram as of 08/12/2020 among the rates listed in … It is today that France ratifies the Monetary Cooperation Agreement concluded a year ago, on 21 December 2019, by Paris and the states of the West African Monetary Union. West African CFA franc currency banknotes and coins sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. Anglophone West Africa kicks back at use of Eco to replace CFA franc. Share West African CFA franc (XOF) currency exchange rates. As of this month, the West African CFA franc is supposed to be replaced by a new currency. The CFA franc banknotes are in use in the eight countries of the CFA West African monetary union: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. West African CFA Franc The currency of several former French colonies in West Africa, namely Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. This 0.70 FRF, 17 October 1948 to 31 December 1959 – 1 CFA franc = 2.00 FRF (the CFA franc had followed the French franc's devaluation versus the US dollar in January 1948, but on 18 October 1948, the French franc devalued again and this time the CFA franc was revalued against the French franc to offset almost all of this new devaluation of the French franc; after October 1948, the CFA was never revalued again versus the French franc and followed all the successive devaluations of the French franc), 1 January 1960 to 11 January 1994 – 1 CFA franc = 0.02 FRF (1 January 1960: the French franc redenominated, with 100 "old" francs becoming 1 "new" franc), 12 January 1994 to 31 December 1998 – 1 CFA franc = 0.01 FRF (sharp devaluation of the CFA franc to help African exports). New currencies were created in the French colonies to spare them the strong devaluation, thereby facilitating imports from France. These countries in West and Central Africa are split into two separate economic and monetary unions in which the CFA franc is … These fourteen countries have a combined population of 147.5 million people (as of 2013),[2] and a combined GDP of US$166.6 billion (as of 2012). 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). The West African CFA franc ( French: franc CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. 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. It is issued by the BEAC (Banque des États de l'Afrique Centrale, i.e., "Bank of the Central African States"), located in Yaoundé, Cameroon, for the six countries of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, i.e., "Economic and Monetary Community of Central Africa"): These six countries have a combined population of 45.0 million people (as of 2013),[2] and a combined GDP of US$88.2 billion (as of 2012).[3]. Winery formerly known as 'Mouton Noir'.. They also argue that they have no say in deciding key monetary policies.[12]. More CFA Franc info > It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. Dakar, with 3... West African CFA franc currency banknotes sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. What does cfa franc mean? Since independence, CFA is taken to mean Communauté Financière Africaine (African Financial Community),[7] but in actual use, the term can have two meanings (see Institutions below). "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 are distinguished in French by the meaning of the abbreviation CFA. There are two different currencies called the CFA franc: the West African CFA franc (ISO 4217 currency code XOF), and the Central Africa CFA franc (ISO 4217 currency code XAF). … Best: 1 EUR = 657.0 XOF. West African Cfa Franc exchange conversions are also available for inverse. In many respects the move looks symbolic – though it has still created waves in the region The role of Euro in Sub Saharan Africa, Economic papers 347, November 2008, Economic and Monetary Union of the European Union, Banque Centrale des États de l'Afrique de l'Ouest, Economic and Monetary Community of Central Africa, "West Africa renames CFA franc but keeps it pegged to euro", http://afkinsider.com/41946/forex-africa-african-euro/#sthash.bAiuUVxB.dpuf, http://ec.europa.eu/economy_finance/publications/publication13478_en.pdf, Le mot du Directeur de l'agence de Mayotte, Franc zone information at Banque de France, Decision of the Council of Europe on 23 November 1998 regarding the CFA and Comorian francs, "For better or worse: the euro and the CFA franc", https://en.wikipedia.org/w/index.php?title=CFA_franc&oldid=968344854, Articles with dead external links from July 2020, Articles with permanently dead external links, Articles with unsourced statements from May 2014, Articles with unsourced statements from January 2019, Articles with French-language sources (fr), Articles containing Kinyarwanda-language text, Articles containing Italian-language text, Articles containing Luxembourgish-language text, Creative Commons Attribution-ShareAlike License, 26 December 1945 to 16 October 1948 – 1 CFA franc = 1.70 FRF (FRF = French franc). [5] The European Union's own assessment of the CFA's link to the euro, carried out in 2008, noted that "benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability".[6]. The CFA Franc (XOF, BCEAO- Banque Centrale des États de l'Afrique de l'Ouest) was a currency created in 1948, that was later used by a group of post-colonial, mostly Francophone, Central African nations, namely Niger, Mali, Burkina Faso, Benin, Togo, Senegal, Ivory Coast and Guinea-Bissau (the only non-Francophone nation to use the West African CFA Franc). Under the deal, the Eco will remain pegged to the euro but the African … ECOWAS decided it would peg its future single regional currency to a basket of foreign currencies, including the … Fourteen African countries constitute the CFA franc zone. In 1975, Central African CFA banknotes were issued with an obverse unique to each participating country, and common reverse, in a fashion similar to euro coins. The monetary system of the CFA franc zone, in general, is increasingly challenged, with France being accused of still maintaining neo-colonial relations with the WAMU countries. 1 West African Cfa Franc Exchange Rate 1 West African Cfa Franc Currency Converter 1ExchangeRate.com provides currency converter from West African Cfa Franc currency to any other currency rate. The transition from the CFA franc to the Eco is shaping up to be tricky. 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, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. In June 2019 the Economic Community of West African States (ECOWAS), bringing together eight CFA franc countries and seven others with their own currencies, chose eco (short for ECOWAS) as the name for its planned single currency — a project going back to the mid-1980s. The CFA franc, used by fourteen countries yet economically bound to France, is the last colonial currency on the African continent. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Pounds to West African CFA Francs charts. Created in the French Treasury month, the only former Spanish colony in the minister... 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