West African CFA franc
Encyclopedia
The West African CFA franc ( 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
. The acronym CFA stands for Communauté financière d'Afrique ("Financial Community of Africa"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar
, Senegal
, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centime
s but no centime denominations have been issued.
In several central African states, the Central African CFA franc
, which is of equal value to the West African CFA franc, is in circulation. They are both the CFA franc
.
. The west African colonies and territories using the CFA franc were Côte d'Ivoire
, Dahomey
, French Sudan
, Mauritania
, Niger
, Sénégal
, Togo
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
in 1961. In 1973, Mauritania
replaced the CFA franc with the ouguiya
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 1994, replacing the Guinea Bissau peso
at a rate of 1 CFA franc = 65 pesos.
In 1959, the BCEAO 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. 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of notes was introduced in denominations of 1,000, 2,000, 5,000 and 10,000 francs, with the 500-franc note having been replaced by a coin the year before.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 (1). The colour of the 5,000-franc note was changed from blue to green.
, Liberia
, Nigeria
and Sierra Leone
, along with the French-speaking state of Guinea
, have formed the West African Monetary Zone (WAMZ) and aims to introduce a common currency, the Eco
, on 1 January 2015, with the ultimate goal of uniting the UEMOA
and the WAMZ to form a single West African monetary zone.
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code: XOF) is the currency of eight independent states in West Africa
West Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
: Benin
Benin
Benin , officially the Republic of Benin, is a country in West Africa. It borders Togo to the west, Nigeria to the east and Burkina Faso and Niger to the north. Its small southern coastline on the Bight of Benin is where a majority of the population is located...
, Burkina Faso
Burkina Faso
Burkina Faso – also known by its short-form name Burkina – is a landlocked country in west Africa. It is surrounded by six countries: Mali to the north, Niger to the east, Benin to the southeast, Togo and Ghana to the south, and Côte d'Ivoire to the southwest.Its size is with an estimated...
, Côte d'Ivoire
Côte d'Ivoire
The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...
, Guinea-Bissau
Guinea-Bissau
The Republic of Guinea-Bissau is a country in West Africa. It is bordered by Senegal to the north, and Guinea to the south and east, with the Atlantic Ocean to its west....
, Mali
Mali
Mali , officially the Republic of Mali , is a landlocked country in Western Africa. Mali borders Algeria on the north, Niger on the east, Burkina Faso and the Côte d'Ivoire on the south, Guinea on the south-west, and Senegal and Mauritania on the west. Its size is just over 1,240,000 km² with...
, Niger
Niger
Niger , officially named the Republic of Niger, is a landlocked country in Western Africa, named after the Niger River. It borders Nigeria and Benin to the south, Burkina Faso and Mali to the west, Algeria and Libya to the north and Chad to the east...
, Sénégal
Senegal
Senegal , officially the Republic of Senegal , is a country in western Africa. It owes its name to the Sénégal River that borders it to the east and north...
and Togo
Togo
Togo, officially the Togolese Republic , is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, on which the capital Lomé is located. Togo covers an area of approximately with a population of approximately...
. The acronym CFA stands for Communauté financière d'Afrique ("Financial Community of Africa"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar
Dakar
Dakar is the capital city and largest city of Senegal. It is located on the Cap-Vert Peninsula on the Atlantic coast and is the westernmost city on the African mainland...
, Senegal
Senegal
Senegal , officially the Republic of Senegal , is a country in western Africa. It owes its name to the Sénégal River that borders it to the east and north...
, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centime
Centime
Centime is French for "cent", and is used in English as the name of the fraction currency in several Francophone countries ....
s but no centime denominations have been issued.
In several central African states, the Central African CFA franc
Central African CFA franc
The Central African CFA franc is the currency of six independent states in central Africa, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. CFA stands for Coopération financière en Afrique centrale...
, which is of equal value to the West African CFA franc, is in circulation. They are both the CFA franc
CFA franc
The CFA franc is the name of two currencies used in Africa which are guaranteed by the French treasury. The two CFA franc currencies are the West African CFA franc and the Central African CFA franc...
.
History
The CFA franc was introduced to the French colonies in west Africa in 1945, replacing the French West African francFrench 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 coins were issued...
. The west African colonies and territories using the CFA franc were Côte d'Ivoire
Côte d'Ivoire
The Republic of Côte d'Ivoire or Ivory Coast is a country in West Africa. It has an area of , and borders the countries Liberia, Guinea, Mali, Burkina Faso and Ghana; its southern boundary is along the Gulf of Guinea. The country's population was 15,366,672 in 1998 and was estimated to be...
, Dahomey
Dahomey
Dahomey was a country in west Africa in what is now the Republic of Benin. The Kingdom of Dahomey was a powerful west African state that was founded in the seventeenth century and survived until 1894. From 1894 until 1960 Dahomey was a part of French West Africa. The independent Republic of Dahomey...
, French Sudan
French Sudan
French Sudan was a colony in French West Africa that had two separate periods of existence, first from 1890 to 1899, then from 1920 to 1960, when the territory became the independent nation of Mali.-Colonial establishment:...
, Mauritania
Mauritania
Mauritania is a country in the Maghreb and West Africa. It is bordered by the Atlantic Ocean in the west, by Western Sahara in the north, by Algeria in the northeast, by Mali in the east and southeast, and by Senegal in the southwest...
, Niger
Niger
Niger , officially named the Republic of Niger, is a landlocked country in Western Africa, named after the Niger River. It borders Nigeria and Benin to the south, Burkina Faso and Mali to the west, Algeria and Libya to the north and Chad to the east...
, Sénégal
Senegal
Senegal , officially the Republic of Senegal , is a country in western Africa. It owes its name to the Sénégal River that borders it to the east and north...
, Togo
Togo
Togo, officially the Togolese Republic , is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. It extends south to the Gulf of Guinea, on which the capital Lomé is located. Togo covers an area of approximately with a population of approximately...
and Upper Volta
French Upper Volta
Upper Volta was a colony of French West Africaestablished on March 1, 1919, from territories that had been part of the colonies of Upper Senegal and Niger and the Côte d'Ivoire...
. 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
Malian franc
The franc was the independent currency of Mali between 1962 and 1984. Although technically subdivided into 100 centimes, no subdivisions were issued.-History:...
in 1961. In 1973, Mauritania
Mauritania
Mauritania is a country in the Maghreb and West Africa. It is bordered by the Atlantic Ocean in the west, by Western Sahara in the north, by Algeria in the northeast, by Mali in the east and southeast, and by Senegal in the southwest...
replaced the CFA franc with the ouguiya
Mauritanian ouguiya
The ouguiya , also spelt "ougiya," is the currency of Mauritania. It is the only circulating currency other than the Malagasy ariary whose division units are not based on a power of ten, each ouguiya comprising five khoums .The ouguiya was introduced in 1973, replacing the CFA franc at a rate of 1...
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 1994, replacing the Guinea Bissau peso
Guinea Bissau peso
The peso was the currency of Guinea-Bissau from 1975 to 1997 and was divided into 100 centavos. It replaced the escudo at par. In 1997, Guinea Bissau adopted the CFA franc of the West African States, using a conversion rate of 65 pesos to the franc....
at a rate of 1 CFA franc = 65 pesos.
Coins
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 added. From 1959, coins have been issued by the BCEAO. Nickel 100-franc coins were introduced in 1967, followed by the cupro-nickel 50-franc coins in 1972. Small, steel 1-franc coins were introduced in 1976 (struck until 1995), followed by bimetallic 250 francs in 1992 (struck until 1996). In 2003, bimetallic 200- and 500-franc coins were introduced.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 1000 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 1000 francs.In 1959, the BCEAO 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. 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 (1). The colour of the 5,000-franc note was changed from blue to green.
Future proposals
The English-speaking states of Gambia, GhanaGhana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
, Liberia
Liberia
Liberia , officially the Republic of Liberia, is a country in West Africa. It is bordered by Sierra Leone on the west, Guinea on the north and Côte d'Ivoire on the east. Liberia's coastline is composed of mostly mangrove forests while the more sparsely populated inland consists of forests that open...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
and Sierra Leone
Sierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
, along with the French-speaking state of Guinea
Guinea
Guinea , officially the Republic of Guinea , is a country in West Africa. Formerly known as French Guinea , it is today sometimes called Guinea-Conakry to distinguish it from its neighbour Guinea-Bissau. Guinea is divided into eight administrative regions and subdivided into thirty-three prefectures...
, have formed the West African Monetary Zone (WAMZ) and aims to introduce a common currency, the Eco
Eco (currency)
The Eco is the proposed name for the common currency that the West African Monetary Zone plans to introduce in the framework of ECOWAS. Originally the introduction of the currency was planned for December 1, 2009, however this date was revised to 2015. The original five member states are the...
, on 1 January 2015, with the ultimate goal of uniting the UEMOA
UEMOA
UEMOA may refer to:*UEMOA Tournament - Annual International Football tournament*West African Economic and Monetary Union...
and the WAMZ to form a single West African monetary zone.
See also
- Economy of BeninEconomy of BeninThe economy of Benin remains underdeveloped and dependent on subsistence agriculture and cotton. Cotton accounts for 40% of GDP and roughly 80% of official export receipts. There is also production of textiles, palm products, and cocoa beans. Maize , beans, rice, peanuts, cashews, pineapples,...
- Economy of Burkina FasoEconomy of Burkina FasoBurkina Faso is one of the poorest countries in the world with an average income per capita of €250 . More than 80 percent of the population relies on subsistence agriculture, with only a small fraction directly involved in industry and services...
- Economy of Côte d'IvoireEconomy of Côte d'IvoireThe Ivorian economy is largely market based and depends heavily on the agricultural sector. Almost 70% of the Ivorian people are engaged in some form of agricultural activity. Côte d'Ivoire is among the world's largest producers and exporters of coffee, cocoa beans, and palm oil...
- Economy of Guinea-BissauEconomy of Guinea-BissauGuinea-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. Cashew crops have increased remarkably in recent years, and the country now ranks sixth in cashew production. Guinea-Bissau exports fish and...
- Economy of MaliEconomy of MaliThe Economy of Mali is based to a large extent on agriculture, with an overwhelmingly rural population, many of whom are engaged in subsistence agriculture...
- Economy of NigerEconomy of NigerThe economy of Niger is based largely upon internal markets, subsistence agriculture, and the export of raw commodities: food stuffs to neighbors and raw minerals to world markets. Niger, is a landlocked Sub-Sahara African nation, and over the past two decades has consistently been ranked near or...
- Economy of SenegalEconomy of SenegalPredominantly rural and with limited natural resources, the Economy of Senegal gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. Its agricultural sector is highly vulnerable to variations in rainfall and changes in world commodity prices...
- Economy of TogoEconomy of TogoThe economy of Togo is refers to the economic activity of the West African nation of Togo.-Agriculture:Subsistence agriculture is the main economic activity in Togo; the majority of the population depends on subsistence agriculture. Food and cash crop production employs the majority of the labor...
- EuroEuroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
- Amero
- Central African CFA francCentral African CFA francThe Central African CFA franc is the currency of six independent states in central Africa, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. CFA stands for Coopération financière en Afrique centrale...
- Council of Arab Economic UnityCouncil of Arab Economic UnityThe Council of Arab Economic Unity was established by Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Saudi Arabia, Somalia, Sudan, Tunisia, Syria, United Arab Emirates and Yemen on 3 June 1957...
(CAEU) - ECOWAS
- AMUAMUAs an abbreviation, AMU may refer to:* Adam Mickiewicz University, Poznań, Poland* African Mathematical Union* Aligarh Muslim University, Aligarh, India* American Military University, Charles Town, West Virginia* Arab Maghreb Union...
- African Central BankAfrican Central BankThe African Central Bank is one of the three financial institutions of the African Union. Over time, it will take over responsibilities of the African Monetary Fund....
- Monetary union