| franc CFA BCEAO (French) | |
|---|---|
 Current coins of the West African CFA franc | |
| ISO 4217 | |
| Code | XOF (numeric: 952) |
| Unit | |
| Symbol | F.CFA |
| Nickname | céfa, franc |
| Denominations | |
| Subunit | |
| 1⁄100 | centime theoretical (unused) |
| Symbol | |
| centime | c |
| Banknotes | 500, 1,000, 2,000, 5,000, 10,000 francs |
| Coins | 1, 5, 10, 25, 50, 100, 200, 250, 500 francs |
| Demographics | |
| User(s) |  Benin Burkina Faso Côte d'Ivoire Guinea-Bissau Mali Niger Senegal Togo |
| Issuance | |
| Central bank | Central Bank of West African States |
| Website | www |
| Valuation | |
| Pegged with | Euro (€) = CFA 655.957 |
West African CFA franc
Central African CFA franc
The West African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XOF; abbreviation: F.CFA) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014,[1] and a combined GDP of US$128.6 billion as of 2018.[update][citation needed]
The initialism CFA stands for Communauté Financière Africaine ('African Financial Community').[2] The currency is issued by the Central Bank of West African States (BCEAO; Banque Centrale des États de l'Afrique de l'Ouest), located in Dakar, Senegal, for the members of the UEMOA. The franc is nominally subdivided into 100 centimes but no coins or banknotes denominated in centimes have ever been issued. The production of CFA franc notes has been carried out at Chamalières by the Bank of France since its creation in 1945.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both commonly referred to as the CFA franc.
In December 2019 it was announced that the West African CFA franc would be reformed, which will include renaming it the eco and reducing France's role in the currency.[3][4] The broader Economic Community of West African States (ECOWAS), of which the members of UEMOA are also members, plans to introduce its own common currency for its member states by 2027, for which the name eco has also been formally adopted.[5][6]
- ^ Population Reference Bureau. "2014 World Population Data Sheet" (PDF).
- ^ "Présentation" (in French). Central Bank of West African States. Archived from the original on 2013-10-05. Retrieved July 14, 2012. (in French)
- ^ "West Africa renames CFA franc but keeps it pegged to euro". Reuters. 2019-12-21. Retrieved 2019-12-22.
- ^ "West Africa's new currency, the Eco: Rebrand or fresh start?". Deutsche Welle. 2019-12-23. Retrieved 2020-02-20.
- ^ "West Africa: ECOWAS Heads of State Name Single Currency ECO". AllAfrica.
- ^ "West Africa regional bloc adopts new plans to launch ECO single currency in 2027". REUTERS.