West African CFA franc
1 EUR = 655.957 XOF (fix)
1 EUR = 655.957 XOF 1000 XOF = 1.5245 EUR
1 CHF = 536.132 XOF 1000 XOF = 1.8652 CHF
The West African CFA franc ( franc de la Communauté Financière d' Afrique ) is the currency of the West African Economic and Monetary Union ( UEMOA ), ie Benin, Burkina Faso, Ivory Coast, Guinea- Bissau, Mali, Niger, Senegal and Togo.
It is issued by the Banque Centrale des États de l' Afrique de l' Ouest ( BCEAO ) and has the ISO 4217 Code XOF.
Exchange rate peg
The CFA franc is coupled to a fixed exchange rate of 655.957 CFA francs per euro in the euro as well as with an exchange rate of 1 to the Central African CFA franc Central African Economic and Monetary Community.
The CFA franc was introduced on December 26, 1945 upon ratification of the Bretton Woods Agreement in several French colonies and originally had a parity of 1 CFA franc to 1.70 French franc ( FF). With the devaluation of the French franc on 17 October 1948 she changed to 1 CFA franc = 2 FF.
When France in 1958 shortened two zeros with the introduction of the new FF, the CFA franc moved not, which is why the new parity was 1 CFA franc = 0.02 FF. This held until 12 January 1994 valid. At this time, the competitiveness of African countries in the CFA zone, compared with direct neighboring countries that had devalued their currencies repeatedly damaged such that parity could no longer be maintained. The CFA franc was devalued by half, enabling the CFA franc was now on only 0.01 FF value.
Since the introduction of the Euro is equivalent to 1 € = 655.957 CFA.
Name CFA Franc
Today, the acronym CFA stands in the case of the CFA franc BCEAO Franc de la Communauté Financière for d' Afrique. In the case of the neighboring Central African CFA franc they referred Franc de la Coopération Financière en Afrique Centrale. The two CFA franc currencies are together referred to as the CFA franc zone. It is also common the designation " CFA franc " for both currencies. However, this is inaccurate since there are two independent currency areas with different money and various central banks.
Historically focused on the designation CFA franc 1945-1958 for Colonies Françaises d' Afrique, then between 1958 and decolonization for Communauté Françaises d'Afrique.