Eight West African countries have agreed to change the name of their common currency to the Eco finally cutting ties with the CFA franc.The CFA franc, linked to former colonial ruler France has always been condemned for its representation of neo-colonialism. The CFA Franc (XOF, BCEAO- Banque Centrale des États de l'Afrique de l'Ouest) was a currency created in 1948, that was later used by a group of post-colonial, mostly Francophone, Central African nations, namely Niger, Mali, Burkina Faso, Benin, Togo, Senegal, Ivory Coast and Guinea-Bissau (the only non-Francophone nation to use the West African CFA Franc). The reason for their creation was the weakness of the French franc immediately after World War II. In many respects the move looks symbolic – though it has still created waves in the region - See more at: Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88. Both CFA francs have a fixed exchange rate to the euro: 100 CFA francs = 1 former French (nouveau) franc = 0.152449 euro; or 1 € = 6.55957 FRF = 655.957 CFA francs exactly. A couple of nations in West Africa have also chosen to adopt the CFA franc since its introduction, despite the fact that they were never French colonies. Both currencies are guaranteed by the French treasury. Our currency rankings show that the most popular Communauté Financière Africaine (BCEAO) Franc exchange rate is the USD to XOF rate. The reason for their creation was the weakness of the French franc immediately after World War II. The West African CFA franc (XOF) is known in French as the Franc CFA, where CFA stands for Communauté financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). West African CFA franc ... Media in category "Money of the West African monetary union" The following 2 files are in this category, out of 2 total. The spot rate on 12 December 2020 (12th December 2020) for the Euro to West African CFA franc currency conversion and also common denominations for your reference The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. West African CFA Franc currency symbol: BCEAO West African CFA Franc coins available: 1, 5, 10, 25, 50, 100, 200, 500 francs West African CFA Franc banknotes available: 1000, 2000, 5000, 10,000 francs Yahoo fait partie de Verizon Media. West Africa’s monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with Paris that have underpinned the region’s common currency since its creation soon World War Two. Six other nations in central Africa … These countries in West and Central Africa are split into two separate economic and monetary unions in which the CFA franc is … By Ange Aboa. René Pleven, the French minister of finance, was quoted as saying -. XOF-XAF: The CFA franc, another French currency. Management of the CFA franc in west Africa. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA in 1984. It will be known as Eco. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. [4] Others disagree and argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries". In May 2020, the French National Assembly agreed to end the French engagement in the West African CFA franc. Strictly speaking, the CFA franc is the name given to two currencies used in the African Financial Community. Since independence, CFA is taken to mean Communauté Financière Africaine (African Financial Community),[7] but in actual use, the term can have two meanings (see Institutions below). The CFA franc sometimes gives rise to questions and misconceptions. ECOWAS decided it would peg its future single regional currency to a basket of foreign currencies, including the … Free online currency conversion based on exchange rates. The monetary system of the CFA franc zone, in general, is increasingly challenged, with France being accused of still maintaining neo-colonial relations with the WAMU countries. The currency has been criticized for making economic planning for the developing countries of French West Africa all but impossible since the CFA's value is pegged to the euro (whose monetary policy is set by the European Central Bank). In a show of her generosity and selflessness, metropolitan France, wishing not to impose on her far-away daughters the consequences of her own poverty, is setting different exchange rates for their currency. New currencies were created in the French colonies to spare them the strong devaluation, thereby facilitating imports from France. West African CFA franc currency banknotes and coins sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. Abernethy Center, 606 15th Street, Oregon City, 97045, OR 1 West African Cfa Franc Exchange Rate 1 West African Cfa Franc Currency Converter 1ExchangeRate.com provides currency converter from West African Cfa Franc currency to any other currency rate. ABIDJAN (Reuters) - West Africa's monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links … Here are answers to some of the most common questions. By Aisha Salaudeen, CNN . The West African CFA franc ( French: franc CFA 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. France withdraws its representatives from […] central bank of west african states - bceao, issues the west african cfa franc - the bceao logo is a stylized sawfish, which is a symbol of fertility and prosperity in african mythology, lomé, togo - west african cfa franc stock pictures, royalty-free photos & images … New currencies were created in the French coloniesto spare them the strong devaluation, thereby facilitating imports from France. The West African CFA franc is expected to be renamed to the "Eco" in the near future.[10]. eNCA spoke to Africa business analyst … The political economy of Africa, Routledge, pp.357-368, 2010. hal-03056414 When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The CFA franc banknotes are in use in the eight countries of the CFA West African monetary union: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. [3] The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. Winery formerly known as 'Mouton Noir'.. Padayachee; Vishnu. Eight countries use the euro-pegged West African CFA franc, which enjoys unlimited convertibility with the euro. Under the deal, the Eco will remain pegged to the euro but the African … In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. 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). Cote d’Ivoire uses the West African CFA, as well as Benin, Burkina Faso, Mali, Niger, Senegal, Togo all former French colonies. The text validates the transition of the CFA franc – used by eight French West African countries – to become the newly mooted Eco, a currency to be adopted by the entire West African … the West African CFA franc has 5 banknotes ( Fr 500 , Fr 1000 , Fr 2000 , Fr 5000 and Fr 10000 ) More information: currency converter. West African CFA Franc The currency of several former French colonies in West Africa, namely Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. They are distinguished in French by the meaning of the abbreviation CFA. These two CFA francs have the same exchange rate with the euro (1 euro = 655.957 XOF = 655.957 XAF), and they are both guaranteed by the French treasury (Trésor public), but the West African CFA franc cannot be used in Central African countries, and the Cent… West African CFA Franc (XOF) is the currency used in West Africa, Benin, Togo, Cote D'ivoire, Guinea Bissau, Senegal, Mali, Burkina Faso, Niger. Latest Currency Exchange Rates: 1 British Pound = 716.2852 West African CFA Franc On this page convert GBP to XOF using live currency rates as of 12/12/2020 13:01. The Franc Zone, which is based on a desire to ensure greater monetary and financial stability, brings together 15 Central and West African countries, plus Comoros. Guinea Bissau also uses the CFA, and is … A fault of the French Republic,” he added. Between 1945 and 1958, CFA stood for Colonies françaises d'Afrique ("French colonies of Africa"); then for Communauté française d'Afrique ("French Community of Africa") between 1958 (establishment of the French Fifth Republic) and the independence of these African countries at the beginning of the 1960s. Information and translations of cfa franc in the most comprehensive dictionary definitions resource on … The CFA Franc Zone includes fifteen African countries. Best: 1 EUR = 657.0 XOF. In reality, these are France and fifteen sub-Saharan African states: the Comoros, the eight-member countries of the West African Monetary Union (WAMU) and the six-member countries of the Economic and Monetary Community of Central Africa (CEMAC). More CFA Franc info > This 0.70 FRF, 17 October 1948 to 31 December 1959 – 1 CFA franc = 2.00 FRF (the CFA franc had followed the French franc's devaluation versus the US dollar in January 1948, but on 18 October 1948, the French franc devalued again and this time the CFA franc was revalued against the French franc to offset almost all of this new devaluation of the French franc; after October 1948, the CFA was never revalued again versus the French franc and followed all the successive devaluations of the French franc), 1 January 1960 to 11 January 1994 – 1 CFA franc = 0.02 FRF (1 January 1960: the French franc redenominated, with 100 "old" francs becoming 1 "new" franc), 12 January 1994 to 31 December 1998 – 1 CFA franc = 0.01 FRF (sharp devaluation of the CFA franc to help African exports). The Central Africa CFA franc (XAF) is known in French as the Franc CFA, where CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). 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