Currency Information on CFA Franc - XOF — West African CFA Franc – CFA
The West African Franc covers eight countries in West Africa; Senegal, Togo, Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali and Niger. The combined population of these eight independent states is 105.7 million people. CFA is an acronym meaning ‘Communauté Financière d'Afrique’, or ‘Financial Community of Africa.’ The franc subdivides into 100 centimes, though no centime denominations are issued.
The CFA Franc replaced the French West African Franc in 1945, and continued to be used when the colonies gained their independence in all original countries except Mali, who introduced their own franc, replacing the CFA franc 1961, although they reintroduced the CFA Franc in 1984 at a ratio of 2 Malian francs : 1 CFA franc.
Nicknames for the CFA franc include ‘cefa’ and ‘franc’, coins are available in denominations of 1, 5, 10, 20, 25, 50, 100, 200, 250 and 500 francs, whilst banknotes are available in denominations of 500, 1,000, 2,000, 5,000 and 10,000 francs.
I run a local delicatessen business in Surrey. Many of my artisan suppliers are based in Italy, Spain and France. We are always making payments to these suppliers and knowing we are getting the best rates is vitally important for us; our margins are tight and any savings are crucial for the success of our business.
Comment written by Artisan supplier based in Italy.
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