![CFA Franc map](https://upload.wikimedia.org/wikipedia/commons/c/c6/CFA_Franc_map.svg)
The West African CFA franc (
French
French (french: français(e), link=no) may refer to:
* Something of, from, or related to France
** French language, which originated in France, and its various dialects and accents
** French people, a nation and ethnic group identified with Franc ...
: ''franc CFA'' or simply ''franc'',
ISO 4217
ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual cu ...
code: XOF; abbreviation: F.CFA) is the currency used by eight independent states in
West Africa
West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Maurit ...
which make up the
West African Economic and Monetary Union
The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of , and in ...
(UEMOA; '):
Benin
Benin ( , ; french: Bénin , ff, Benen), officially the Republic of Benin (french: République du Bénin), and formerly Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, Burkina Faso to the north ...
,
Burkina Faso
Burkina Faso (, ; , ff, 𞤄𞤵𞤪𞤳𞤭𞤲𞤢 𞤊𞤢𞤧𞤮, italic=no) is a landlocked country in West Africa with an area of , bordered by Mali to the northwest, Niger to the northeast, Benin to the southeast, Togo and Ghana to the ...
,
Côte d'Ivoire
Ivory Coast, also known as Côte d'Ivoire, officially the Republic of Côte d'Ivoire, is a country on the southern coast of West Africa. Its capital is Yamoussoukro, in the centre of the country, while its largest city and economic centre is ...
,
Guinea-Bissau
Guinea-Bissau ( ; pt, Guiné-Bissau; ff, italic=no, 𞤘𞤭𞤲𞤫 𞤄𞤭𞤧𞤢𞥄𞤱𞤮, Gine-Bisaawo, script=Adlm; Mandinka: ''Gine-Bisawo''), officially the Republic of Guinea-Bissau ( pt, República da Guiné-Bissau, links=no ) ...
,
Mali
Mali (; ), officially the Republic of Mali,, , ff, 𞤈𞤫𞤲𞥆𞤣𞤢𞥄𞤲𞤣𞤭 𞤃𞤢𞥄𞤤𞤭, Renndaandi Maali, italics=no, ar, جمهورية مالي, Jumhūriyyāt Mālī is a landlocked country in West Africa. Mali ...
,
Niger
)
, official_languages =
, languages_type = National languages[Senegal
Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...](_blank)
and
Togo
Togo (), officially the Togolese Republic (french: République togolaise), is a country in West Africa. It is bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, where its c ...
. 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
acronym
An acronym is a word or name formed from the initial components of a longer name or phrase. Acronyms are usually formed from the initial letters of words, as in ''NATO'' (''North Atlantic Treaty Organization''), but sometimes use syllables, as ...
CFA stands for ' ("African Financial Community"). The currency is issued by the
Central Bank of West African States
The Central Bank of West African States (french: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West Af ...
(BCEAO; '), located in
Dakar
Dakar ( ; ; wo, Ndakaaru) (from daqaar ''tamarind''), is the capital and largest city of Senegal. The city of Dakar proper has a population of 1,030,594, whereas the population of the Dakar metropolitan area is estimated at 3.94 million in 2 ...
,
Senegal
Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...
, for the members of the UEMOA. The franc is nominally subdivided into 100 ''
centime
Centime (from la, centesimus) is French for " cent", and is used in English as the name of the fraction currency in several Francophone countries (including Switzerland, Algeria, Belgium, Morocco and France).
In France, the usage of ''centim ...
s'' but no coins or banknotes denominated in centimes have ever been issued. The production of CFA franc notes and coins has been carried out at
Chamalières
Chamalières (; Auvergnat: ) is a commune in the Puy-de-Dôme department, Auvergne-Rhône-Alpes, central France.
With 17,276 inhabitants (2019), Chamalières is the fourth-largest town in the department. It lies adjacent to the west of Clermont ...
by the Bank of France since its creation in 1945.
The
Central African CFA franc
The Central African CFA franc ( French: ''franc CFA'' or simply ''franc''; ISO code: XAF; abbreviation: F.CFA) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equator ...
is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both commonly referred to as the
CFA franc
The CFA franc (french: franc CFA, , Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa, or colloquially ; abbreviation: F.CFA) is the name of two currencies, the West African CFA franc, used in eight Wes ...
.
In December 2019 it was announced that the West African CFA franc would be reformed, which will include renaming it the
eco and reducing France's role in the currency. The broader
Economic Community of West African States
The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political union, political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an ...
(ECOWAS), of which the members of UEMOA are also members, plans to introduce its own common currency for its member states by 2027, which they have also formally adopted the name of eco for.
History
The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the
French West African franc
The franc was the currency of French West Africa. The French franc circulated, together with distinct banknotes from 1903 and coins from 1944. It was replaced by the CFA franc in 1945.
Coins
In 1944, aluminium-bronze 50 centimes and 1 franc coi ...
. The West African colonies and territories using the CFA franc were
Ivory Coast
Ivory Coast, also known as Côte d'Ivoire, officially the Republic of Côte d'Ivoire, is a country on the southern coast of West Africa. Its capital is Yamoussoukro, in the centre of the country, while its largest city and economic centre is ...
,
Dahomey
The Kingdom of Dahomey () was a West African kingdom located within present-day Benin that existed from approximately 1600 until 1904. Dahomey developed on the Abomey Plateau amongst the Fon people in the early 17th century and became a region ...
,
French Sudan
French (french: français(e), link=no) may refer to:
* Something of, from, or related to France
** French language, which originated in France, and its various dialects and accents
** French people, a nation and ethnic group identified with France ...
,
Mauritania
Mauritania (; ar, موريتانيا, ', french: Mauritanie; Berber: ''Agawej'' or ''Cengit''; Pulaar: ''Moritani''; Wolof: ''Gànnaar''; Soninke:), officially the Islamic Republic of Mauritania ( ar, الجمهورية الإسلامية ...
,
Niger
)
, official_languages =
, languages_type = National languages[Sénégal
Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...](_blank)
,
Togo
Togo (), officially the Togolese Republic (french: République togolaise), is a country in West Africa. It is bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, where its c ...
and
Upper Volta. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own
franc
The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' (Style of the French sovereign, King of the Franks) used on early France, ...
in 1961.
In 1973,
Mauritania
Mauritania (; ar, موريتانيا, ', french: Mauritanie; Berber: ''Agawej'' or ''Cengit''; Pulaar: ''Moritani''; Wolof: ''Gànnaar''; Soninke:), officially the Islamic Republic of Mauritania ( ar, الجمهورية الإسلامية ...
replaced the CFA franc with the
ouguiya
The ouguiya ( ar, rtl=yes, 1=أوقية موريتانية, links=, lit=, translit= (); sign: UM; code: MRU), at one time spelled "ougiya", is the currency of Mauritania. Each ouguiya constitutes five khoums (meaning "one fifth"). As such it is o ...
at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs. The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, replacing the
Guinea-Bissau peso at a rate of 1 CFA franc = 65 pesos.
The currency was pegged to the
French franc
The franc (, ; sign: F or Fr), also commonly distinguished as the (FF), was a currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It w ...
at F.CFA 1 = F 2. from 1948, becoming 1 F.CFA = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was devalued by half to F.CFA 1 = F 0.01. From 1999 it has since been pegged to the
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
at €1 = F 6.55957 = F.CFA 655.957
Coins
For coins struck prior to the CFA franc, see
French West African franc
The franc was the currency of French West Africa. The French franc circulated, together with distinct banknotes from 1903 and coins from 1944. It was replaced by the CFA franc in 1945.
Coins
In 1944, aluminium-bronze 50 centimes and 1 franc coi ...
In 1948, aluminium 1 and 2 franc coins were introduced. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. All carried the name ''"Afrique Occidentale Française"''. In 1957, 10 and 25 franc coins were issued with the name of ''"Togo"'' were minted for use in that country, these were issued only for that year. From 1959, all coins have been issued by the
BCEAO
The Central Bank of West African States (french: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West Af ...
.
From 1959 onward, the overall size and composition of the coins changed little, however ''"République française"'' and the stylized
Marianne
Marianne () has been the national personification of the French Republic since the French Revolution, as a personification of liberty, equality, fraternity and reason, as well as a portrayal of the Goddess of Liberty.
Marianne is displayed i ...
bust was dropped from all coins, replaced with the title ''"Banque Centrale des États de l'Afrique de l'Ouest"'' with the design on the 1, 5, 10, and 25 francs featuring a gazelle's profile, carried over from colonial issues, and a tribal mask between the denomination, which has become the emblem of the West African monetary union. Nickel-Steel 100 franc coins were introduced in 1967, followed by the cupro-nickel 50 franc coins in 1972. These also featured the familiar tribal mask. Small, stainless steel 1 franc coins were introduced in 1976, replacing the larger aluminum 1 franc coins, and were struck until 1995. The 10 and 25 franc coins saw a redesign in 1980, depicting a family using a water pump and a young woman with chemistry tools, respectively. A
bimetallic 250 franc coin was introduced in 1992 to reduce excess change. These coins, however, proved to be unpopular in many regions and were discontinued after 1996. They are however, still legal tender. In 2003, bimetallic 200 and 500 franc coins were introduced, replacing smaller denomination notes. Like all the other West CFA franc coins, these depicted the mask emblem.
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.
All CFA coins depict both a
mint mark
A mint mark is a letter, symbol or an inscription on a coin indicating the mint where the coin was produced. It should not be confused with a mintmaster mark which is the mark of the mintmaster.
History
Mint marks were first developed to locate ...
, along with an engraver's
privy mark
A privy mark was originally a small mark or differentiation in the design of a coin for the purpose of identifying the mint, moneyer, some other aspect of the coin's origin, or to prevent counterfeiting. One of the first instances of a privy mar ...
. The mint mark is located on the reverse on the left side of the denomination or date while the engraver's mark is located on the right.
Banknotes
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 1,000 francs were in circulation. 500 franc notes were added in 1946, followed by those of 5,000 francs in 1948. In 1955, the ''Institut d'Emission de l'A.O.F. et du Togo'' took over the production of paper money, issuing notes for 50, 100, 500, and 1,000 francs.
In 1959, the
BCEAO
The Central Bank of West African States (french: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West Af ...
took over the issuance of paper money and reintroduced a 5,000 franc note. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance. The country letter codes are as follows:
* A –
* B –
* C –
* D –
* H –
* K –
* S –
* T –
The country codes are used to identify and categorise flow of cash between the CFA franc countries, as well as repatriating banknotes to their country of origin.
50-franc notes were last issued in 1959, with 100 francs not issued since 1965. 10,000 franc notes were introduced in 1977, followed by 2,500 franc notes in 1992.
In 2004, a new series of notes was introduced in denominations of 1,000, 2,000, 5,000, and 10,000 francs, with the 500 franc note having been replaced by a coin the year before. The newer notes contain updated security features and are more modern in design. The change was welcomed because of a perception that the old notes were dirty and disease-ridden. The colour of the 5,000-franc note was changed from blue to green. On November 30, 2012, the Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) issued a 500-franc banknote.
Controversy
There has been some debate over whether the West African CFA franc serves as a way for France to keep influence in region, often to the detriment to these nations. For example, one of the "rules" of the currency is that the central banks of all of the nations involved have to keep at least 50% of their foreign assets in the French Treasury. 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. 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. Some policymakers have argued that the CFA franc be tied to a basket of currencies rather than one currency as it currently is. Also, they state that the reserve requirement should be restructured in order to give CFA countries more economic freedom.
Exchange rates
See also
*
Central African CFA franc
The Central African CFA franc ( French: ''franc CFA'' or simply ''franc''; ISO code: XAF; abbreviation: F.CFA) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equator ...
*
Council of Arab Economic Unity
The Council of Arab Economic Unity (CAEU) (Arabic: ) was founded by Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Saudi Arabia, Sudan, Tunisia, Syria, United Arab Emirates and Yemen on May 30, 1964, following an agreement in 1957 by ...
(CAEU)
*
Economic Community of West African States
The Economic Community of West African States (ECOWAS; also known as in French and Portuguese) is a regional political union, political and economic union of fifteen countries located in West Africa. Collectively, these countries comprise an ...
(ECOWAS)
*
African and Malagasy Union
, native_name_lang=fr
, image = File:Flag_of_African_and_Malagasy_Union.svg
, image_border =
, size =
, caption = Flag
, map = AfricanMalagasyUnionMembers.png
, msize =
, mcaption =
, abbreviation =
, m ...
(AMU)
*
African Central Bank
*
Eco (currency)
The eco is the name for the proposed common currency of the Economic Community of West African States (ECOWAS). Plans originally called for the West African Monetary Zone (WAMZ) states to introduce the currency first, which would eventually be me ...
General:
*
Monetary union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, ...
*
Economy of Benin
The economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of Benin's GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and coco ...
*
Economy of Burkina Faso
The economy of Burkina Faso is based primarily on subsistence farming and livestock raising. Burkina Faso has an average income purchasing-power-parity per capita of $1,900 and nominal per capita of $790 in 2014. More than 80% of the population ...
*
Economy of Guinea-Bissau
The economy of Guinea-Bissau comprises a mixture of state-owned and private companies. Guinea-Bissau is among the world's least developed nations and one of the 10 poorest countries in the world, and depends mainly on agriculture and fishing. Ca ...
*
Economy of Ivory Coast
The economy of Ivory Coast is stable and currently growing, in the aftermath of political instability in recent decades. The Ivory Coast's economy is largely market-based and depends heavily on the agricultural sector. Almost 70% of the Ivorian ...
*
Economy of Mali
The economy of Mali is based to a large extent upon agriculture, with a mostly rural population engaged in subsistence agriculture.
Mali is among the ten poorest nations of the world, is one of the 37 Heavily Indebted Poor Countries, and is a m ...
*
Economy of Niger
The Gross Domestic Product (GDP) of Niger was $13.68 billion US dollars in 2020, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuf ...
*
Economy of Senegal
The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous ...
*
Economy of Togo
The economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry ...
References
*
*
External links
*
Union Economique et Monétaire Ouest Africaine (UEMOA)(Official Site of the West African Economic and Monetary Union)
West African CFA franc BanknotesWest African CFA franc Coinsby Weldon D. Burson
"The exchange rate of the CFA Franc BCEAO"(XOF)
{{Portal bar, Africa, Money, Numismatics
Currency unions
Currencies introduced in 1945
1945 establishments in French West Africa
Fixed exchange rate
ms:Franc CFA Afrika Barat