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1 January 1999 onwards – 100 CFA franc = 0.152449 euro or 1 euro = 655.957 CFA franc. The decision to call the CFA franc replacement currency the 'Eco' has caused a major rift in the region - and underlines the struggle between Nigeria and Côte d'Ivoire for regional influence. BCEAOFranc.png 520 × 287; 228 KB. In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. Eight West African countries have agreed to change the name of their common currency to the Eco finally cutting ties with the CFA franc.The CFA franc, linked to former colonial ruler France has always been condemned for its representation of neo-colonialism. Ivory Coast, with an economy of about $40 billion, is the biggest among the users of the CFA franc in West Africa. Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée. The Central African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XAF) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. 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). By Ange Aboa. Prices might differ from those given by financial institutions as banks (Board of Governors of the Federal Reserve System, Central Bank of West African ), brokers or money transfer companies. the West African CFA franc has 5 banknotes ( Fr 500 , Fr 1000 , Fr 2000 , Fr 5000 and Fr 10000 ) More information: currency converter. Both CFA francs have a fixed exchange rate to the euro: 100 CFA francs = 1 former French (nouveau) franc = 0.152449 euro; or 1 € = 6.55957 FRF = 655.957 CFA francs exactly. These six countries have a combined population of 55.2 million people (as of 2020), and a combined GDP of US$113.322 billion (as of 2020). Hotels near Abernethy Center. The CFA franc is the common currency for the Franc Zone. Currency converter The converter shows the conversion of 1 West African CFA franc to Ghanaian cedi as of Saturday, 12 December 2020. [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]. A couple of nations in West Africa have also chosen to adopt the CFA franc since its introduction, despite the fact that they were never French colonies. 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 political economy of Africa, Routledge, pp.357-368, 2010. hal-03056414 Share West African CFA franc (XOF) currency exchange rates. The ISO currency code for the Central African CFA is XAF and for the West African CFA is XOF. Fourteen African countries constitute the CFA franc zone. Abernethy Center, 606 15th Street, Oregon City, 97045, OR Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. Best: 1 EUR = 657.0 XOF. As of this month, the West African CFA franc is supposed to be replaced by a new currency. French officials presented the decision as an act … This exchange rate was changed only twice: in 1948 and in 1994. These two CFA francs have the same exchange rate with the euro (1 euro = 655.957 XOF = 655.957 XAF), and they are both guaranteed by the French treasury (Trésor public), but the West African CFA franc cannot be used in Central African countries, and the Central Africa CFA franc cannot be used in West African 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 countries using the currency will no longer have to deposit half of their foreign exchange reserves with the French Treasury. Both currencies are guaranteed by the French treasury. Meaning of cfa franc. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. 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. Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. Winery formerly known as 'Mouton Noir'.. The reason for their creation was the weakness of the French franc immediately after World War II. 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. - See more at: Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88. The transition from the CFA franc to the Eco is shaping up to be tricky. 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. It will be known as Eco. 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. A fault of the French Republic,” he added. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial … eNCA spoke to Africa business analyst … Dakar, with 3... West African CFA franc currency banknotes sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. This XOF/EUR chart lets you see the relationship between the two currencies several years back in history. 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). 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). More CFA Franc info > 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. West African CFA franc currency banknotes and coins sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. 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. Convertir West African CFA Franc - XOF vers toutes les majeurs devises du monde avec TransferWise Convertisseur de Devises New currencies were created in the French colonies to spare them the strong devaluation, thereby facilitating imports from France. The currency has been criticized for making economic planning for the developing countries of French West Africa all but impossible since the CFA's value is pegged to the euro (whose monetary policy is set by the European Central Bank). France withdraws its representatives from […] West Africa’s monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with Paris that have underpinned the region’s common currency since its creation soon World War Two. "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. Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. Convert CFA Franc BCEAO - XOF to Major World Currencies with TransferWise Currency Converter West African CFA Franc currency symbol: BCEAO West African CFA Franc coins available: 1, 5, 10, 25, 50, 100, 200, 500 francs West African CFA Franc banknotes available: 1000, 2000, 5000, 10,000 francs XOF-XAF: The CFA franc, another French currency. The reason for their creation was the weakness of the French franc immediately after World War II. They are distinguished in French by the meaning of the abbreviation CFA. Eight countries use the euro-pegged West African CFA franc, which enjoys unlimited convertibility with the euro. 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. 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). Our currency rankings show that the most popular Communauté Financière Africaine (BCEAO) Franc exchange rate is the USD to XOF rate. [citation needed] The devaluation of 1994 was an attempt to reduce these imbalances. The West African CFA Franc (XOF) is the currency shared by eight West-African nations: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, … Six other nations in central Africa … 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. Updated 8:26 AM ET, Mon December 23, 2019 . René Pleven, the French minister of finance, was quoted as saying -. Senegal Currency: West African CFA Franc. Gambia & Senegal 2009 (3686622637).jpg 2,576 × 1,920; 1.23 MB. Management of the CFA franc in west Africa. Worst: 1 EUR = 655.1 XOF. [4] Others disagree and argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries". This past weekend, a decision was taken to rename the West African form of the CFA franc. West African CFA Franc (XOF) is the currency used in West Africa, Benin, Togo, Cote D'ivoire, Guinea Bissau, Senegal, Mali, Burkina Faso, Niger. 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. 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. Cote d’Ivoire uses the West African CFA, as well as Benin, Burkina Faso, Mali, Niger, Senegal, Togo all former French colonies. It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. The text validates the transition of the CFA franc – used by eight French West African countries – to become the newly mooted Eco, a currency to be adopted by the entire West African … The 1960 and 1999 events were merely changes in the currency in use in France: the relative value of the CFA franc versus the French franc/euro changed only in 1948 and 1994. In a show of her generosity and selflessness, metropolitan France, wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency. The CFA franc, used by fourteen countries yet economically bound to France, is the last colonial currency on the African continent. These FCFA coins are used for payments in the eight west African countries which share the common West African CFA franc currency (XOF): Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. ECOWAS decided it would peg its future single regional currency to a basket of foreign currencies, including the … Willamette Valley, in western Oregon, is one of the United States' most important non-Californian AVA ... Stores and prices for '2016 Maison Noir O.P.P. The Franc Zone, which is based on a desire to ensure greater monetary and financial stability, brings together 15 Central and West African countries, plus Comoros. Central African CFA franc. 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). West African CFA Franc (XOF) is the currency used in West Africa, Benin, Togo, Cote D'ivoire, Guinea Bissau, Senegal, Mali, Burkina Faso, Niger. [citation needed] French officials presented the decision as an act of generosity. ABIDJAN (Reuters) - West Africa's monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with … By Aisha Salaudeen, CNN . These countries in West and Central Africa are split into two separate economic and monetary unions in which the CFA franc is … The CFA franc sometimes gives rise to questions and misconceptions. What does cfa franc mean? This is brought about by the countries … In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. The West African CFA franc is expected to be renamed to the "Eco" in the near future.[10]. The states include : Benin, Burkina Faso, Côte 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 ; Between 1945 and 1958, CFA stood for Colonies françaises d'Afrique ("French colonies of Africa"); then for Communauté française d'Afrique ("French Community of Africa") between 1958 (establishment of the French Fifth Republic) and the independence of these African countries at the beginning of the 1960s. The West African CFA franc (XOF) is known in French as the Franc CFA, where CFA stands for Communauté financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). This agreement marks the conversion of the CFA franc, which will be echoed while maintaining the fixed parity with the euro. The currency code for Francs is XOF. West African CFA franc ... Media in category "Money of the West African monetary union" The following 2 files are in this category, out of 2 total. The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. Critics argue that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. As of this month, the West African CFA franc is supposed to be replaced by a new currency. [3] The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. - Other People's Pinot ... ' | prices, stores, tasting notes and market data. In many respects the move looks symbolic – though it has still created waves in the region ABIDJAN (Reuters) - West Africa's monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links … central bank of west african states - bceao, issues the west african cfa franc - the bceao logo is a stylized sawfish, which is a symbol of fertility and prosperity in african mythology, lomé, togo - west african cfa franc stock pictures, royalty-free photos & images XOF - CFA Franc. 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. ll 【Fr1 = ₵0.01082】 West African CFA franc to Ghanaian cedi rate today. Here are answers to some of the most common questions. Latest Currency Exchange Rates: 1 British Pound = 716.2852 West African CFA Franc On this page convert GBP to XOF using live currency rates as of 12/12/2020 13:01. Free online currency conversion based on exchange rates. Strictly speaking, the CFA franc is the name given to two currencies used in the African Financial Community. Dakar, with 3 million... Billets de 500 et 5000 francs CFA au Sénégal, en 1973. 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). They also argue that they have no say in deciding key monetary policies.[12]. Africa What is the scope of the CFA franc reform in West Africa. West African Cfa Franc exchange conversions are also available for inverse. 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. (1 January 1999: The agreements are unlikely to have any material effect on the, In their present forms and states of implementation, the agreements are unlikely to present any obstacle to a smooth functioning of, Nothing in the agreements can be construed as implying an obligation for the, Modifications to the existing agreements will not lead to any obligations for the European Central or any national central bank, The French Treasury will guarantee the free convertibility at a fixed parity between the, The competent French authorities shall keep the, Any change to the nature or scope of the agreements would require Council approval on the basis of a Commission recommendation and ECB consultation, This page was last edited on 18 July 2020, at 20:06. In May 2020, the French National Assembly agreed to end the French engagement in the West African CFA franc. 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). Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA in 1984. When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. In reality, these are France and fifteen sub-Saharan African states: the Comoros, the eight-member countries of the West African Monetary Union (WAMU) and the six-member countries of the Economic and Monetary Community of Central Africa (CEMAC). Critics have scored this wine 88 points. 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). They are distinguished in French by the meaning of the abbreviation CFA. [11] It is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, i.e., "Central Bank of the West African States"), located in Dakar, Senegal, for the eight countries of the UEMOA (Union Économique et Monétaire Ouest Africaine, i.e., "West African Economic and Monetary Union"): These eight countries have a combined population of 102.5 million people (as of 2013),[2] and a combined GDP of US$78.4 billion (as of 2012).[3]. 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. If markets get anxious about the new currency’s risk of instability, the Eco’s exchange rate could become highly volatile. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. The value of the CFA franc has been widely criticized as being too high, which many economists believe favours the urban elite of the African countries, who can buy imported manufactured goods cheaply at the expense of farmers who cannot easily export agricultural products. The CFA franc (in French: franc CFA [fʁɑ̃ seɛfɑ], originally Franc of the French Colonies in Africa, recently Franc of the Financial Community of Africa, 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. On December 10, 2020 the Official EUR to XOF Exchange Rate: Close: 1 EUR = 656 XOF. The Central Africa CFA franc (XAF) is known in French as the Franc CFA, where CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). After 65 years, the CFA franc would cease to exist for eight African countries, seven of them former French colonies. On 22 December 2019, it was announced that the West African currency would be replaced by an independent currency to be called Eco.[1]. The US dollar/West African CFA franc converter is provided without any warranty. … Padayachee; Vishnu. The CFA franc was created on 26 December 1945, along with the CFP franc. Guinea Bissau also uses the CFA, and is … Cote d’Ivoire uses the West African CFA, as well as Benin, Burkina Faso, Mali, Niger, Senegal, Togo all former French colonies. 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). Since most of the countries that use the currency are poor, mostly agricultural economies, this has put a stranglehold on their trade and made them overly dependent upon continuing, privileged access to French and, though them, European markets. 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… When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. 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 … Information and translations of cfa franc in the most comprehensive dictionary definitions resource on … New currencies were created in the French coloniesto spare them the strong devaluation, thereby facilitating imports from France. 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Attempt to reduce these imbalances vous pouvez modifier vos choix à tout moment dans vos de... Two CFA franc 1 EUR = 656 XOF answers to some of the French Treasury [ ]... 3 ] the ISO currency codes are XAF for the West African CFA franc the! Imports from France was created on 26 December 1945, along with the franc!, p. 88 gives rise to questions and misconceptions XAF for the franc Zone French! Is supposed to be replaced by a new currency rise to questions and misconceptions some began... In May 2020, the Eco is shaping up to be tricky for their creation was the of! Former French colonies from the CFA franc is expected to be renamed to French. Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée et Politique! Are answers to some of the French franc following World War II using the currency will longer! Would inevitably impact Economic growth across West Africa `` Eco '' in the future! January 1999 onwards – 100 CFA franc currencies have always been at parity and are effectively interchangeable 1999.

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