Both versions of the CFA franc are hard-pegged to the euro. Six others are in the Central African Economic and Monetary Union (CAEMU). Four fundamental principles guide France’s relationship with the CFA countries, Pierre Canac and Rogelio Garcia-Contreras explained in the Journal of … Hence the name ‘franc… DAKAR, Senegal. Items here include everything from Cameroon to Gabon. In 2003, bimetallic 200 and 500 franc coins were introduced, replacing smaller denomination notes. The CFA franc countries tried to correct the imbalances by internal adjustment alone with much difficulty. There are lots of countries that use the CFA franc for money, so if you're looking to find a comprehensive list of all of them then this is a great reference. The central African CFA franc … The mint mark is located on the reverse on the left side of the denomination or date while the engraver's mark is located on the right. Franc exchange Francophone Africa’s CFA franc is under fire. The West African Economic and Monetary Union (UEMOA), made up of eight former French colonies and Guinea-Bissau, the former Portuguese colony, said in December that it would rename the CFA franc. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. Gabon The 10 and 25 franc coins saw a redesign in 1980, depicting a family using a water pump and a young woman with chemistry tools, respectively. Eight countries use the euro-pegged West African CFA franc, which enjoys unlimited convertibility with the euro. The CFA franc monetary system is designed to guarantee the franc currency in international markets, while simultaneously preventing overdraft and inflation in CFA member countries. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. Two different CFA Franc users. The change was welcomed because of a perception that the old notes were dirty and disease-ridden. Colonialism persists in many African countries due to the continuation of imperial monetary policy. Two different CFA Franc users. 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. CFA francs are used in fourteen countries: twelve nations formerly ruled by France in West and Central Africa (excluding Guinea and Mauritania, which withdrew), plus Guinea-Bissau (a former Portuguese colony), and Equatorial Guinea (a former Spanish colony). The states include : Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which make up the West African Economic and Monetary Union (WAEMU), whose central bank is the BCEAO ; List of countries, nations and states that use the CFA franc as their official currency, listed alphabetically with photos when available. Libreville 4 These coins, however, proved to be unpopular in many regions and were discontinued after 1996. All CFA coins depict both a mint mark, along with an engraver's privy mark. The CFA franc was born in 1945 and at the time stood for “Colonies Francaises d’Afrique” (French Colonies in Africa). et du Togo took over the production of paper money, issuing notes for 50, 100, 500 and 1000 francs. The West African CFA Franc (XOF) is the currency shared by eight West-African nations: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, … The monetary system of the CFA franc zone, in general, is increasingly challenged, with France being accused of still maintaining neo-colonial relations with the WAMU countries. In their report, the commissioners revisited ten findings on the Franc Zone. The CFA franc – originally the French African Colonial franc – was officially created on 26 December 1945 by a decree of General de Gaulle. Now the Western African Monetary Union wants to reform the CFA franc, especially regarding its connections with France. CFA franc hugely unpopular The CFA Franc, first introduced by France in 1945, has long been attacked as a colonial relic, triggering protests in countries such as Senegal and Ivory Coast. When the CFA franc was introduced, notes issued by the Banque Centrale des États de l'Afrique Occidentale in denominations of 5, 10, 25, 50, 100 and 1000 francs were in circulation. The CFA franc has enjoyed remarkable stability since its launch in 1945 as a result of its peg to the French franc, and later to the euro. This is the little-known account of the CFA Franc and economic imperialism. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. The states include : Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, which make up the West African Economic and Monetary Union (WAEMU), whose central bank is the BCEAO ; The CFA will remain in use for now by the six Central Africa nations, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. The … Yamoussoukro 3 The ECO is supposed to replace the CFA franc which is currently being used in eight west African countries and six countries in central Africa. CFA Franc to Eco: Implications for West Africa Monetary Union December 24, 2019 The much awaited independence of the West African Monetary Union (WAMU) made up of eight Francophone West African Countries from the French Monetary authority, La Bourse Francais has come to reality with the agreement between West Africa’s monetary union and France. The French Treasury guaranteed the currency under a fixed exchange rate dependent on the deposit of 50% of CFA franc reserves into the French central bank. (AFP Photo/ISSOUF SANOGO) Dakar (AFP) - Plans to overhaul the CFA franc, a France-backed currency used by former colonies in West Africa, have drawn reactions ranging from scepticism to cautious optimism. The pillars of the CFA franc Like other colonial empires – the UK, with its sterling zone, or Portugal, with its escudo zone, France had its franc zone. The text validates the transition of the CFA franc – used by eight French West African countries – to become the newly mooted Eco, a currency to … The CFA franc is the common currency for the Franc Zone. A bimetallic 250 francs was introduced in 1992 to reduce excess change. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). Benin In 1957, 10 and 25 franc coins were issued with the name of "Togo" were minted for use in that country, these were issued only for that year. Technically, two separate CFA francs are in circulation, each with its own central bank, in Central and West Africa. Togo Some studies have shown that the CFA franc has reduced intra-regional trade, made countries dependent on exporting a limited number of goods, narrowed the industrial base, and made the economies of these nations very vulnerable to external shocks. The newer notes contain updated security features and are more modern in design. France guarantees the value of the CFA franc, and in return, the countries that use it are required to keep 50 percent of their foreign exchange reserves with the French treasury. West African countries will stop using the Financial Community of Africa (CFA) franc currency beginning sometime in 2020, Ivorian President Alassane Ouattara said Saturday. Central African CFA Franc - XAF: The currency of six independent states in central Africa. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Before the Eco can replace the CFA franc, as announced in Abidjan on 21 December 2019, a number of technical, legal and political hurdles must be cleared. It is a colonial currency, born of France’s need to foster economic integration among the colonies under its administration, and thus control their resources, economic structures and political systems. Why did French colonial authorities create it and how does it work? Now, 14 African countries are giving the French 50% of their reserves “to ensure the CFA Franc in the countries remains convertible into Euros”. Nickel-Steel 100 franc coins were introduced in 1967, followed by the cupro-nickel 50 franc coins in 1972. Niamey 7 Variation against USD: Appreciated 1,11% in the last 30 days.. The west African CFA franc, which is used by eight countries, will be ditched in 2020 and replaced by the eco, which will have far looser ties to France. READ MORE: The pros and cons of the CFA franc zone As part of the reform, Côte d’Ivoire President Alassane Ouattara previously announced, in the company of France’s President Emmanuel Macron, that the UEMOA states had also decided to change the name of their currency, the hotly disputed CFA franc, to the Eco, a point which has heightened tensions between African countries. Mali The Swiss Franc is the currency of Switzerland. The CFA franc – originally the French African Colonial franc – was officially created on 26 December 1945 by a decree of General de Gaulle. CFA Franc: One of two African regional currencies backed by the French treasury, and pegged to the euro. For example one of the "rules" of the currency is that the central banks of all of the nations involved have to keep at least 50% of their foreign assets in the French Treasury. The Ivory Coast and … French and international media had long taken its existence as something of a dirty secret, even though it is used by some 187 million people. Over the past 50 years inflation has averaged 6% in Ivory Coast, which uses the CFA franc, and 29% in neighbouring Ghana, which does not. Burkina Faso: Report on the Observance of Standards and Codes––Data Module, Response by the Authorities, and Detailed Assessment Using the Data Quality Assessment Framework, page 115. READ MORE: The pros and cons of the CFA franc zone As part of the reform, Côte d’Ivoire President Alassane Ouattara previously announced, in the company of France’s President Emmanuel Macron, that the UEMOA states had also decided to change the name of their currency, the hotly disputed CFA franc, to the Eco, a point which has heightened tensions between African countries. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961. Since very elite group countries In the. ", "The Many Varieties of West African States Banknotes", West African States new 500-franc note to be issued 30 November 2012, "How the France-backed African CFA franc works as an enabler and barrier to development", Union Economique et Monétaire Ouest Africaine (UEMOA), "The exchange rate of the CFA Franc BCEAO", Saint Helena, Ascension and Tristan da Cunha, https://en.wikipedia.org/w/index.php?title=West_African_CFA_franc&oldid=991496717, 1945 establishments in French West Africa, Articles with French-language sources (fr), Articles containing Portuguese-language text, Articles containing Kinyarwanda-language text, Articles containing Italian-language text, Articles containing Luxembourgish-language text, Creative Commons Attribution-ShareAlike License, 500, 1,000, 2,000, 5,000, 10,000 francs CFA, 1, 5, 10, 25, 50, 100, 200, 250, 500 francs CFA, A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau), A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo), Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) building, Dakar; man, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; Computerization in West Africa: hand touching a touch tablet PC which is connected to West African countries on the outline map of Africa, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; symbols of education and health, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; transportation, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; agriculture, Sawfish shaped brass weight of the Ashanti people for weighing gold dust; telecommunications, This page was last edited on 30 November 2020, at 10:53. 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