# West African CFA franc

> currency of several West African countries

**Wikidata**: [Q861690](https://www.wikidata.org/wiki/Q861690)  
**Wikipedia**: [English](https://en.wikipedia.org/wiki/West_African_CFA_franc)  
**Source**: https://4ort.xyz/entity/west-african-cfa-franc

## Summary
The West African CFA franc (XOF) is the official currency of eight West African countries, including Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Pegged to the euro, it facilitates economic stability and regional trade. Introduced in 1945, it replaced colonial currencies and remains a cornerstone of the West African Economic and Monetary Union (UEMOA).

## Key Facts
- **Currency Code**: XOF (ISO 4217)
- **Issuing Bank**: Banque Centrale des États de l'Afrique de l'Ouest (BCEAO)
- **Pegged To**: Euro (1 EUR = 655.96 XOF)
- **Member Countries**: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo
- **Historical Predecessors**: French West African franc, Malian franc, Republic of Upper Volta franc
- **Related Currencies**: Central African CFA franc (XAF), French franc
- **Symbol**: FCFA
- **Subunit**: 100 centimes (rarely used)
- **Introduction Date**: 1945
- **Wikipedia Coverage**: Documented in 47 languages
- **Wikidata ID**: Q861690
- **GND ID**: 4502290-2
- **Library of Congress ID**: sh2005000411
- **Freebase ID**: /m/025sw2q
- **Replaced**: French West African franc (1945), Malian franc (1984), Republic of Upper Volta franc (1984)
- **Part Of**: CFA franc system, Franc Zone

## FAQs
**What is the West African CFA franc?**  
The West African CFA franc is a currency used by eight West African nations, pegged to the euro and managed by the BCEAO. It promotes economic stability and regional integration.

**Which countries use the West African CFA franc?**  
Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.

**How is the CFA franc different from the euro?**  
While pegged to the euro, the CFA franc is distinct in its issuance by the BCEAO and its circulation within the UEMOA. It cannot be directly exchanged for euros by individuals.

**What historical currencies did the CFA franc replace?**  
It replaced the French West African franc in 1945 and later the Malian franc and Republic of Upper Volta franc in 1984.

**Why is the CFA franc important for West Africa?**  
It reduces transaction costs, stabilizes economies, and fosters trade among member states, contributing to regional economic growth.

## Why It Matters
The West African CFA franc is pivotal for economic stability and integration in West Africa. By maintaining a fixed exchange rate with the euro, it mitigates currency fluctuations and encourages cross-border trade. Its role in the UEMOA strengthens financial cooperation, while its historical ties to France reflect ongoing economic partnerships. The currency's longevity and adaptability underscore its significance in shaping West Africa's monetary policies and fostering regional development.

## Notable For
- **Longstanding Currency Union**: One of the oldest currency unions in Africa, operational since 1945.
- **Euro Peg**: Unique fixed exchange rate mechanism ensuring stability.
- **Post-Colonial Continuity**: Retained by former French colonies to maintain economic ties.
- **Regional Integration**: Facilitates trade and investment within the UEMOA.
- **Dual Currency System**: Coexists with the Central African CFA franc (XAF) in a broader Franc Zone framework.
- **Widespread Adoption**: Used by over 100 million people across eight countries.

## Body

### History and Formation
The West African CFA franc was introduced in 1945 to replace the French West African franc, unifying the monetary systems of French colonies. Post-independence, member states retained the currency to ensure stability. In 1984, Mali and Burkina Faso (formerly Republic of Upper Volta) rejoined the CFA franc system after brief experiments with independent currencies.

### Monetary Policy and Peg
The CFA franc is pegged to the euro at a fixed rate of 1 EUR = 655.96 XOF, guaranteed by the French Treasury. This arrangement, overseen by the BCEAO, ensures convertibility and stability. The BCEAO implements monetary policy, maintains foreign exchange reserves, and supervises banking systems within the UEMOA.

### Member Countries and UEMOA
The eight member countries collaborate through the UEMOA, promoting economic integration. Key institutions include the BCEAO and the West African Court of Justice. The UEMOA facilitates free movement of goods, services, and people, bolstering regional trade.

### Historical and Related Currencies
- **French West African Franc**: Predecessor currency used in French colonies until 1945.
- **Malian Franc**: Briefly used by Mali (1962–1984) before rejoining the CFA franc system.
- **Republic of Upper Volta Franc**: Used by Burkina Faso (1958–1984) prior to adopting the CFA franc.

### Economic Impact and Criticism
The CFA franc stabilizes economies and reduces inflation but faces criticism for limiting monetary sovereignty. Proponents argue it attracts foreign investment, while critics contend it perpetuates economic dependence on France.

### Global Recognition and Documentation
Documented in 47 Wikipedia editions, the CFA franc is recognized globally. It is classified under multiple authority control systems, including GND, Library of Congress, and Freebase, reflecting its international significance.

### Technical Specifications
- **Banknotes**: Issued in denominations of 500, 1,000, 5,000, and 10,000 XOF.
- **Coins**: Circulate in 1, 5, 10, 25, 50, and 100 XOF denominations.
- **Security Features**: Advanced anti-counterfeiting measures, including watermarks and holograms.

### Related Entities and Projects
- **Franc Zone**: Includes CFA franc users and other countries with currencies pegged to the euro.
- **UEMOA**: Economic and monetary union promoting regional integration.
- **BCEAO**: Central bank managing the West African CFA franc and supervising member states' economies.

### Cultural and Political Context
The CFA franc symbolizes both economic unity and historical ties to France. It plays a central role in West Africa's financial systems, influencing trade policies and international relations. Debates about its future continue, with discussions on potential reforms or a transition to a sovereign currency.

## References

1. [Source](https://td.ambafrance.org/Le-franc-CFA-on-fait-le-point)
2. [Source](https://www.shutterstock.com/fr/image-photo/catfish-shaped-brass-weight-ashanti-people-2066523209)
3. [Source](https://fr.numista.com/catalogue/pieces1800.html)
4. [Source](https://www.lesechos.fr/2004/09/afrique-de-louest-la-moitie-des-francs-cfa-retires-du-marche-647585)
5. Freebase Data Dumps. 2013
6. [Source](http://archivesmali.gouv.ml/il-ya-60-ans-naissait-le-franc-malien/)
7. [Source](https://www.uemoa.int/)