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The CFA franc is the common currency for the Franc Zone. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA in 1984. 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. 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 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. Dakar, with 3 West African CFA franc currency banknotes sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. 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. ll Fr1 = 0.01082 West African CFA franc to Ghanaian cedi rate today. New currencies were created in the French colonies to spare them the strong devaluation, thereby facilitating imports from France. 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, lom, togo - west african cfa franc stock pictures, royalty-free photos & images "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. West African CFA franc currency banknotes and coins sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. Senegal Currency: West African CFA Franc. The reason for their creation was the weakness of the French franc immediately after World War II. The states include : Benin, Burkina Faso, Cte dIvoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which make up the West African Economic and Monetary Union (WAEMU), whose central bank is the BCEAO ; It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. 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). It is issued by the BEAC (Banque des tats de l'Afrique Centrale, i.e., "Bank of the Central African States"), located in Yaound, Cameroon, for the six countries of the CEMAC (Communaut conomique et Montaire de l'Afrique Centrale, i.e., "Economic and Monetary Community of Central Africa"): These six countries have a combined population of 45.0million people (as of 2013),[2] and a combined GDP of US$88.2billion (as of 2012).[3]. Ren Pleven, the French minister of finance, was quoted as saying -. A fault of the French Republic, he added. Facts about West African CFA franc (XOF) The CFA franc (in French: franc CFA, "cfa", 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). West African Cfa Franc exchange conversions are also available for inverse. 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. 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 CFA franc sometimes gives rise to questions and misconceptions. The CFA franc, used by fourteen countries yet economically bound to France, is the last colonial currency on the African continent. Share West African CFA franc (XOF) currency exchange rates. New currencies were created in the French coloniesto spare them the strong devaluation, thereby facilitating imports from France. What does cfa franc mean? In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. Today's Live Euro to West African CFA franc Spot Rate: (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 several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. 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. The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. - See more at: Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88. Dakar, with 3 million Billets de 500 et 5000 francs CFA au Sngal, en 1973. The currency code for Francs is XOF. This past weekend, a decision was taken to rename the West African form of the CFA franc. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. 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. Meaning of cfa franc. 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. Free online currency conversion based on exchange rates. Dcouvrez comment nous utilisons vos informations dans notre Politique relative la vie prive et notre Politique relative aux cookies. The political economy of Africa, Routledge, pp.357-368, 2010. hal-03056414 As of this month, the West African CFA franc is supposed to be replaced by a new currency. 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). It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. 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 After 65 years, the CFA franc would cease to exist for eight African countries, seven of them former French colonies. 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. 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). 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. They also argue that they have no say in deciding key monetary policies.[12]. [citation needed] The devaluation of 1994 was an attempt to reduce these imbalances. 1 January 1999 onwards 100 CFA franc = 0.152449 euro or 1 euro = 655.957 CFA franc. Worst: 1 EUR = 655.1 XOF. Under the deal, the Eco will remain pegged to the euro but the African Monetary turmoil resulting from such market fears would inevitably impact economic growth across West Africa. Anglophone West Africa kicks back at use of Eco to replace 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. 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. By Aisha Salaudeen, CNN . 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 US dollar/West African CFA franc converter is provided without any warranty. The role of Euro in Sub Saharan Africa, Economic papers 347, November 2008, Economic and Monetary Union of the European Union, Banque Centrale des tats 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). ECOWAS decided it would peg its future single regional currency to a basket of foreign currencies, including the The CFA franc was created on 26 December 1945, along with the CFP franc. [11] It is issued by the BCEAO (Banque Centrale des tats 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 conomique et Montaire Ouest Africaine, i.e., "West African Economic and Monetary Union"): These eight countries have a combined population of 102.5million people (as of 2013),[2] and a combined GDP of US$78.4billion (as of 2012).[3]. 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 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, Sngal and Togo.These eight countries have a combined population of 105.7 million people (as of 2014), and a combined GDP of US$78.4 billion (as of 2012). The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sngal, Togo and Upper Volta. XOF-XAF: The CFA franc, another French currency. More CFA Franc info > 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 [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]. Fourteen African countries constitute the CFA franc zone. 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. French officials presented the decision as an act Pour autoriser VerizonMedia et nos partenaires traiter vos donnes personnelles, slectionnez 'J'accepte' ou 'Grer les paramtres' pour obtenir plus dinformations et pour grer vos choix. Convertir West African CFA Franc - XOF vers toutes les majeurs devises du monde avec TransferWise Convertisseur de Devises It will be known as Eco. [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". 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). 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 The Central Africa CFA franc (XAF) is known in French as the Franc CFA, where CFA stands for Coopration financire en Afrique centrale ("Financial Cooperation in Central Africa"). the West African CFA franc has 5 banknotes ( Fr 500 , Fr 1000 , Fr 2000 , Fr 5000 and Fr 10000 ) More information: currency converter. These fourteen countries have a combined population of 147.5million people (as of 2013),[2] and a combined GDP of US$166.6billion (as of 2012). Guinea Bissau also uses the CFA, and is The CFA franc was created with a fixed exchange rate versus the French franc. Information and translations of cfa franc in the most comprehensive dictionary definitions resource on eNCA spoke to Africa business analyst The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. Nos partenaires et nous-mmes stockerons et/ou utiliserons des informations concernant votre appareil, par lintermdiaire de cookies et de technologies similaires, afin dafficher des annonces et des contenus personnaliss, de mesurer les audiences et les contenus, dobtenir des informations sur les audiences et des fins de dveloppement de produit. The CFA franc (in French: franc CFA [f sef], 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. 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 Cte d'Ivoire for regional influence. 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. France is set to end the use of the 75-year-old controversial CFA franc in West Africa. West African CFA Franc (XOF) is the currency used in West Africa, Benin, Togo, Cote D'ivoire, Guinea Bissau, Senegal, Mali, Burkina Faso, Niger. 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. They are distinguished in French by the meaning of the abbreviation CFA. Denominations in use are 500fr, 1000fr, 2000fr, 5000fr and 10,000fr XOF. Strictly speaking, the CFA franc is the name given to two currencies used in the African Financial Community. 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. The acronym CFA stands for Communaut Financire d'Afrique ("Financial Community of Africa") or Communaut Financire Africaine ("African Financial Definition of cfa franc in the Definitions.net dictionary. France withdraws its representatives from [] The reason for their creation was the weakness of the French franc immediately after World War II. 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). [citation needed] French officials presented the decision as an act of generosity. The CFA franc was created on 26 December 1945, along with the CFP franc. 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). 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. Kako Kossivi Nubukpo. 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 (Trsor public), but the West African CFA franc cannot be used in Central African countries, and the Cent The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. 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 If markets get anxious about the new currencys risk of instability, the Ecos exchange rate could become highly volatile. Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. Critics have scored this wine 88 points. Currency converter The converter shows the conversion of 1 West African CFA franc to Ghanaian cedi as of Saturday, 12 December 2020. In many respects the move looks symbolic though it has still created waves in the region This exchange rate was changed only twice: in 1948 and in 1994. Ivory Coast, with an economy of about $40 billion, is the biggest among the users of the CFA franc in West Africa. - Other People's Pinot ' | prices, stores, tasting notes and market data. Hotels near Abernethy Center. BCEAOFranc.png 520 287; 228 KB. 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 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. Updated 8:26 AM ET, Mon December 23, 2019 . Best: 1 EUR = 657.0 XOF. 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). West African CFA Franc (XOF) is the currency used in West Africa, Benin, Togo, Cote D'ivoire, Guinea Bissau, Senegal, Mali, Burkina Faso, Niger. The West African CFA Franc (XOF) is the currency shared by eight West-African nations: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, This agreement marks the conversion of the CFA franc, which will be echoed while maintaining the fixed parity with the euro. 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. Yahoo fait partie de VerizonMedia. The ISO currency code for the Central African CFA is XAF and for the West African CFA is XOF. The West African CFA franc is expected to be renamed to the "Eco" in the near future.[10]. 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. Convert CFA Franc BCEAO - XOF to Major World Currencies with TransferWise Currency Converter 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. Eight countries use the euro-pegged West African CFA franc, which enjoys unlimited convertibility with the euro. Vous pouvez modifier vos choix tout moment dans vos paramtres de vie prive. They are distinguished in French by the meaning of the abbreviation CFA. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Pounds to West African CFA Francs charts. These countries in West and Central Africa are split into two separate economic and monetary unions in which the CFA franc is 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 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. Here are answers to some of the most common questions. On December 10, 2020 the Official EUR to XOF Exchange Rate: Close: 1 EUR = 656 XOF. 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