Padayachee; Vishnu. Worst: 1 EUR = 655.1 XOF. (1 January 1999: The agreements are unlikely to have any material effect on the, In their present forms and states of implementation, the agreements are unlikely to present any obstacle to a smooth functioning of, Nothing in the agreements can be construed as implying an obligation for the, Modifications to the existing agreements will not lead to any obligations for the European Central or any national central bank, The French Treasury will guarantee the free convertibility at a fixed parity between the, The competent French authorities shall keep the, Any change to the nature or scope of the agreements would require Council approval on the basis of a Commission recommendation and ECB consultation, This page was last edited on 18 July 2020, at 20:06. The decision to call the CFA franc replacement currency the 'Eco' has caused a major rift in the region - and underlines the struggle between Nigeria and Côte d'Ivoire for regional influence. 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). Our currency rankings show that the most popular Communauté Financière Africaine (BCEAO) Franc exchange rate is the USD to XOF rate. BCEAOFranc.png 520 × 287; 228 KB. Since most of the countries that use the currency are poor, mostly agricultural economies, this has put a stranglehold on their trade and made them overly dependent upon continuing, privileged access to French and, though them, European markets. That this effectively recreates a quasi-colonial trading relationship between France and its former African colonies that benefits France mightily has not been lost on observers. 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. Definition of cfa franc in the Definitions.net dictionary. Meaning of cfa franc. 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. In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. 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. West African CFA Franc (XOF) is the currency used in West Africa, Benin, Togo, Cote D'ivoire, Guinea Bissau, Senegal, Mali, Burkina Faso, Niger. Willamette Valley, in western Oregon, is one of the United States' most important non-Californian AVA ... Stores and prices for '2016 Maison Noir O.P.P. The transition from the CFA franc to the Eco is shaping up to be tricky. This exchange rate was changed only twice: in 1948 and in 1994. The role of Euro in Sub Saharan Africa, Economic papers 347, November 2008, Economic and Monetary Union of the European Union, Banque Centrale des États de l'Afrique de l'Ouest, Economic and Monetary Community of Central Africa, "West Africa renames CFA franc but keeps it pegged to euro", http://afkinsider.com/41946/forex-africa-african-euro/#sthash.bAiuUVxB.dpuf, http://ec.europa.eu/economy_finance/publications/publication13478_en.pdf, Le mot du Directeur de l'agence de Mayotte, Franc zone information at Banque de France, Decision of the Council of Europe on 23 November 1998 regarding the CFA and Comorian francs, "For better or worse: the euro and the CFA franc", https://en.wikipedia.org/w/index.php?title=CFA_franc&oldid=968344854, Articles with dead external links from July 2020, Articles with permanently dead external links, Articles with unsourced statements from May 2014, Articles with unsourced statements from January 2019, Articles with French-language sources (fr), Articles containing Kinyarwanda-language text, Articles containing Italian-language text, Articles containing Luxembourgish-language text, Creative Commons Attribution-ShareAlike License, 26 December 1945 to 16 October 1948 – 1 CFA franc = 1.70 FRF (FRF = French franc). 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). It is issued by the BEAC (Banque des États de l'Afrique Centrale, i.e., "Bank of the Central African States"), located in Yaoundé, Cameroon, for the six countries of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, i.e., "Economic and Monetary Community of Central Africa"): These six countries have a combined population of 45.0 million people (as of 2013),[2] and a combined GDP of US$88.2 billion (as of 2012).[3]. In 1998, in anticipation of Economic and Monetary Union of the European Union, the Council of the European Union addressed the monetary agreements France had with the CFA Zone and Comoros and ruled that: In 2019, a reform of the West African CFA franc was initiated. Anglophone West Africa kicks back at use of Eco to replace CFA franc. The West African CFA Franc (XOF) is the currency shared by eight West-African nations: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, … By Ange Aboa. 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"). New currencies were created in the French coloniesto spare them the strong devaluation, thereby facilitating imports from France. Over time, the number of countries and territories using the CFA franc has changed as some countries began introducing their own separate currencies. Critics argue that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. 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, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These fourteen countries have a combined population of 147.5 million people (as of 2013),[2] and a combined GDP of US$166.6 billion (as of 2012). On 22 December 2019, it was announced that the West African currency would be replaced by an independent currency to be called Eco.[1]. The reason for their creation was the weakness of the French franc immediately after World War II. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Pounds to West African CFA Francs charts. [citation needed] The devaluation of 1994 was an attempt to reduce these imbalances. More CFA Franc info > 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… Ivory Coast, with an economy of about $40 billion, is the biggest among the users of the CFA franc in West Africa. Hotels near Abernethy Center. Free online currency conversion based on exchange rates. 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. On December 10, 2020 the Official EUR to XOF Exchange Rate: Close: 1 EUR = 656 XOF. As of this month, the West African CFA franc is supposed to be replaced by a new currency. the West African CFA franc has 5 banknotes ( Fr 500 , Fr 1000 , Fr 2000 , Fr 5000 and Fr 10000 ) More information: currency converter. [5] The European Union's own assessment of the CFA's link to the euro, carried out in 2008, noted that "benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability".[6]. Dakar, with 3... West African CFA franc currency banknotes sit in this arranged photograph in Dakar, Senegal, on Sunday, Jan. 11, 2015. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial … [3] The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. Kako Kossivi Nubukpo. 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 Winery formerly known as 'Mouton Noir'.. Gambia & Senegal 2009 (3686622637).jpg 2,576 × 1,920; 1.23 MB. After 65 years, the CFA franc would cease to exist for eight African countries, seven of them former French colonies. It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. 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, Sénégal and Togo.These eight countries have a combined population of 105.7 million people (as of 2014), and a combined GDP of US$78.4 billion (as of 2012). 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"). 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). Cote d’Ivoire uses the West African CFA, as well as Benin, Burkina Faso, Mali, Niger, Senegal, Togo all former French colonies. The CFA Franc Zone includes fifteen African countries. This is brought about by the countries … 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 1 January 1999 onwards – 100 CFA franc = 0.152449 euro or 1 euro = 655.957 CFA franc. The Central African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XAF) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. René Pleven, the French minister of finance, was quoted as saying -. This XOF/EUR chart lets you see the relationship between the two currencies several years back in history. 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. eNCA spoke to Africa business analyst … The US dollar/West African CFA franc converter is provided without any warranty. 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 with … ECOWAS decided it would peg its future single regional currency to a basket of foreign currencies, including the … The countries using the currency will no longer have to deposit half of their foreign exchange reserves with the French Treasury. They also argue that they have no say in deciding key monetary policies.[12]. 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. Facts about West African CFA franc (XOF) The CFA franc (in French: franc CFA, "céfa", or just franc in everyday conversation) is a currency used in 12 formerly French-ruled African countries, as well as in Guinea-Bissau (former Portuguese colony) and in Equatorial Guinea (former Spanish colony). 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