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, Senegal and Togo.
Which African countries use CFA?
Signatory countries are Cameroon, the Central African Republic, Chad, the Republic of Congo, and Gabon. Equatorial Guinea, the only former Spanish colony in the monetary union, joined it in 1983 and adopted the Central African CFA franc as its currency a year later.
Which countries still use the CFA franc?
The CFA will remain in use for now by the six Central Africa nations, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.
Are francs still used in Africa?
Both currencies are guaranteed by the French treasury. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. … On 22 December 2019, it was announced that the West African currency would be replaced by an independent currency to be called Eco.
Is naira higher than CFA?
Or that, upon exchanging currencies, 1 Euro is equal to 335.6 Naira while 1 Euro is equivalent to FCfa 655.9570. … In reality, the difference between the two Cameroonian and Nigerian currencies is rather on the number of notes issues.
Does France own the CFA?
Since the C.F.A. franc has been pegged to the euro since 1999, France is required to consult the European Union on major changes in the arrangement. “Now the C.F.A. franc is under the tutelage of France and the entire European Union, including Italy,” he said.
Is CFA the same as Xof?
‘CFA franc’ can refer to either the Central African CFA franc, abbreviated XAF in currency markets, or the West African CFA franc, abbreviated XOF in currency markets. Although they are separate currencies, the two are effectively interchangeable as they hold the same monetary value against other currencies.
Are French francs still legal tender?
The value of the French franc was locked to the euro at 1 euro = 6.55957 FRF on 31 December 1998, and after the introduction of the euro notes and coins, ceased to be legal tender after 28 February 2002, although they were still exchangeable at banks until 19 February 2012. …