Countries that use the XOF
Currency Exchange Rates for West African CFA Franc? Convert GBP to XOF at todays exchange rate. See money transfer for Africa and historical to restrictions.
Q: Other Nicknames for XOF
A: XOF is referred to as a West African CFA Franc. The West African CFA Franc has the nicknames of 'franc' and 'cefa'.
Q: Name of Central Bank
A: The central bank that issues XOF is the Central Bank of West African States.
Q: What is the Inflation Rate?
A: XOF is used by 8 West African countries; Benin, Togo, Senegal, Burkina Faso, Guinea-Bissau, Niger, Ivory Coast, and Mali. The latest inflation rates for these countries are listed below.
Burkina Faso: -0.3%
Ivory Coast: 1.6%
Q: How is the currency used outside of the country?
A: The West African CFA Franc receives a fair bit of criticism for making it possible for French West African countries to engage in economic planning. This is because the value of XOF is pegged to the Euro. West Africa is definitely benefiting from pegging their currency to the Euro.
Q: Exchanging currency inside of the country
A: The West African CFA Franc is guaranteed by the French Treasury. It's neighbour, the Central African CFA Franc has the exact same exchange rate but neither can be used in the other's turf. The currency is circulated through several different banknotes and coins that are subdivided into centimes. There are coins for 1, 5, 10, 20, 25, 50, 100, 200, 250, and 500 Francs and there are banknotes for 500, 1,000, 2,000, 5,000, and 10,000 Francs.
Q: Converting GBP to XOF
A: To date, 1 GBP equates to about 731.66 CFA Francs.
Q: What does GBP to XOF mean?
A: When you are trading GBP to XOF, you are trading Great British Pounds for a currency that is pegged to the Euro. You are also trading with a currency that is carried by eight West African states.
Q: What is the symbol for XOF?
A: The symbol for the West African CFA Franc is 'Fr'.
Q: Is XOF stable or undervalued? What are the causes?
A: Judging by inflation rates, the West African CFA Franc seems relatively stable. With its value pegged to the Euro the West African CFA Franc does not seem to be undervalued.
Q: What are the main currencies in use and why?
A: The only currency for trading XOF is the West African CFA Franc.
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.
Over a year ago we expanded our IT company and opened a new office in the UK. We have two offices in Europe now; we need to send money abroad very often, from Portugal to the UK and from the UK to Portugal. Knowing how to send money internationally in a safe way is therefore a crucial need for us on a weekly basis.
Comment written by Tiago Goncalves Director of an it Company.
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