Currency Rate
West Africa Franc to USD
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Buying rate
F CFA 0.001510
Selling rate
F CFA0.002172
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The West African CFA franc (symbol: CFA; code: XOF) is used in Senegal and seven other countries.
Currency Details
- Country code SN
- Symbol F CFA
- ISO Code XOF
- Subunits 1 Franc = 100 Centimes
Coins
- 1 franc
- 5 francs
- 10 francs
- 25 francs
- 50 francs
- 100 francs
- 200 francs
- 250 francs
- 500 francs
Banknotes
- 500 francs
- 1000 francs
- 2000 francs
- 5000 francs
- 10000 francs
The West African CFA Franc, abbreviated as XOF and symbolized as "CFA", is the official currency shared by eight West African nations: **Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo**. Part of the **West African Economic and Monetary Union (WAEMU/UEMOA)**, it is pegged to the euro at a fixed rate of 1 euro = 655.957 CFA francs, ensuring monetary stability across the region.
History and Background
Introduced in **1945** as the "Colonies Françaises d'Afrique" franc, the XOF was created to stabilize France's African colonies post-WWII. Despite independence movements in the 1960s, member countries retained the currency to maintain economic ties with France. The acronym "CFA" now stands for *"Communauté Financière Africaine"* (African Financial Community). Banknotes feature: - **Regional wildlife** (elephants, fish) - **Landmarks** like Senegal's Renaissance Monument - **Pan-African motifs** celebrating shared culture
Introduced in **1945** as the "Colonies Françaises d'Afrique" franc, the XOF was created to stabilize France's African colonies post-WWII. Despite independence movements in the 1960s, member countries retained the currency to maintain economic ties with France. The acronym "CFA" now stands for *"Communauté Financière Africaine"* (African Financial Community). Banknotes feature: - **Regional wildlife** (elephants, fish) - **Landmarks** like Senegal's Renaissance Monument - **Pan-African motifs** celebrating shared culture
Economic Significance
The XOF's value is guaranteed by the **French Treasury**, requiring member states to pool 50% of foreign reserves in France. Key economic traits: • **Stability**: Low inflation (avg. 2% since 2000) due to euro peg • **Trade**: Facilitates commerce within WAEMU’s 400M+ consumer market • **Challenges**: Limits independent monetary policy for member states The currency fuels key sectors like **cocoa (Côte d'Ivoire), cotton (Benin), and gold (Burkina Faso)**.
The XOF's value is guaranteed by the **French Treasury**, requiring member states to pool 50% of foreign reserves in France. Key economic traits: • **Stability**: Low inflation (avg. 2% since 2000) due to euro peg • **Trade**: Facilitates commerce within WAEMU’s 400M+ consumer market • **Challenges**: Limits independent monetary policy for member states The currency fuels key sectors like **cocoa (Côte d'Ivoire), cotton (Benin), and gold (Burkina Faso)**.
Usage and Exchange
The XOF is legal tender across all member states, though physical cash varies by country: - **Best exchange rates**: Banks in **Abidjan (Côte d'Ivoire) or Dakar (Senegal)** - **Currency quirks**: - Coins are identical across countries but notes differ slightly - €1 ≈ 650 CFA is the mental math shortcut locals use - **Digital shift**: Mobile money (like Orange Money) complements cash in rural areas - **Travel tip**: Euros are rarely accepted—always carry CFA francs
Conclusion The West African CFA franc is more than currency—it’s a bridge between colonial history and modern regional integration. From Dakar’s markets to Mali’s gold mines, the XOF facilitates daily life for 150 million people. While debates about replacing it with the Eco currency continue, the CFA remains a pillar of stability in a rapidly evolving economic landscape.
The XOF is legal tender across all member states, though physical cash varies by country: - **Best exchange rates**: Banks in **Abidjan (Côte d'Ivoire) or Dakar (Senegal)** - **Currency quirks**: - Coins are identical across countries but notes differ slightly - €1 ≈ 650 CFA is the mental math shortcut locals use - **Digital shift**: Mobile money (like Orange Money) complements cash in rural areas - **Travel tip**: Euros are rarely accepted—always carry CFA francs
Conclusion The West African CFA franc is more than currency—it’s a bridge between colonial history and modern regional integration. From Dakar’s markets to Mali’s gold mines, the XOF facilitates daily life for 150 million people. While debates about replacing it with the Eco currency continue, the CFA remains a pillar of stability in a rapidly evolving economic landscape.