West African CFA Franc (XOF)

The basic concept of the West African franc

The West African franc is the official currency adopted by the West African Economic and Monetary Union, issued and managed by the Central Bank of West African States, the currency code is XOF, fixed and pegged to the euro, the exchange rate of 1 euro to 655.957 West African francs.

Countries and regions

The West African franc circulates in eight West African countries: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which together form the West African Economic and Monetary Union.

Unit and denomination

The unit of the West African franc is the "franc", with 1 franc equal to 100 ducats, which is no longer used. The denominations of banknotes are 500, 1,000, 2,000, 5,000 and 10,000 francs, and the denominations of coins are 1, 5, 10, 25, 50, 100, 200, 250 and 500 francs.

Historical background

The West African franc originated in 1945 during the French colonial period and was initially pegged to the French franc. after the independence of the West African countries in the 1960s, monetary unity was maintained through the West African Monetary Union (UEMOA). the Central Bank of the West African States (BCEAO) was established in 1994, and switched to a fixed rate of exchange with the euro in 1999, to maintain the stability of the regional economy.