Central African CFA Franc (XAF) Profile
Central African CFA franc XAF converter to world currencies »
1.Nicknames: céfa, franc
2.Central African CFA franc is pegged with euro at 1EUR=655.957 XAF
Central African CFA franc users
The Central African CFA franc is the currency of six independent states in central Africa, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six states are all members of CEMAC (Economic and Monetary Community of Central Africa). The Central African CFA franc is issued by BEAC (Bank of the Central African States).
The CFA franc is the name of two currencies, the Central African CFA franc and the West African CFA franc. The two currencies are at par and currently pegged with euro at 1 EUR=655.957 XAF =655.957 XOF. The eight countries using the Central African CFA franc are Benin, Burkina Faso, Côte d'Ivoire(Ivory Coast), Guinea-Bissau, Mali, Niger, Senegal, Togo.
The CFA franc users are mostly former French colonies except Equatorial Guinea from Spain (which adopted the Central African CFA franc in 1984) and Guinea-Bissau from Portugal (which adopted the West African CFA franc in 1997).
|Cameroon||Central African CFA franc||XAF||from France in 1960||Cameroon (officially the Republic of Cameroon) is a country in central Africa.|
|Central African Republic||Central African CFA franc||XAF||from France in 1960||The Central African Republic is a landlocked country in central Africa.|
|Chad||Central African CFA franc||XAF||from France in 1960||Chad (officially the Republic of Chad) is a landlocked country in central Africa.|
|Republic of the Congo||Central African CFA franc||XAF||from France in 1960||The Republic of the Congo (also referred to as Congo-Brazzaville) is a country in central Africa.|
|Equatorial Guinea||Central African CFA franc||XAF||from Spanish in 1968||Equatorial Guinea (officially the Republic of Equatorial Guinea) is a country in central Africa.|
|Gabon||Central African CFA franc||XAF||from France in 1960||Gabon (officially the Gabonese Republic) is a country on west coast of central Africa.|
|Benin||West African CFA franc||XOF||from France in 1960||Benin (officially the Republic of Benin) is a country in west Africa.|
|Burkina Faso||West African CFA franc||XOF||from France in 1960||Burkina Faso, also known as Burkina, is a landlocked country in west Africa.|
|Côte d'Ivoire(Ivory Coast)||West African CFA franc||XOF||from France in 1960||Côte d'Ivoire, or Ivory Coast (officially the Republic of Côte d'Ivoire) is a country in west Africa.|
|Guinea-Bissau||West African CFA franc||XOF||from Portugal in 1973||Guinea-Bissau (officially the Republic of Guinea-Bissau) is a country in west Africa.|
|Mali||West African CFA franc||XOF||from France in 1960||1. Mali (officially the Republic of Mali), is a landlocked country in west Africa.
2. Mali left CFA franc and rejoined in 1984.
|Niger||West African CFA franc||XOF||from France in 1960||Niger (officially the Republic of Niger) is a landlocked country in western Africa.|
|Senegal||West African CFA franc||XOF||from France in 1960||Senegal (officially the Republic of Senegal) is a country in west Africa.|
|Togo||West African CFA franc||XOF||from France in 1960||Togo (officially the Togolese Republic) is a country in west Africa.|
1. The CFA franc was introduced on 26 December 1945, along with the CFP franc.
2. The CFA francs peg with euro at 1 EUR =655.957 CFA francs.
3. The West African CFA franc and the central African CFA franc are the two CFA francs, effectively interchangeable.
Central African CFA franc history
CFA franc was issued on December 26, 1945 and used among French African territories. It was pegged with French franc (FRF) until 1999 the French franc (FRF) was replaced by the euro (EUR).
The CFA franc was created with a fixed exchange rate with French franc, initially in 1945 at 1 CFA = 1.70 FRF and then at 1 CFA =2.0 FRF in 1948. French franc was redenominated with 100 old francs becoming 1 new franc in 1960. So since 1960, 1 CFA franc = 0.02 CFA until 1994 when the CFA franc devaluated to 1 CFA =0.01 FRF. This rate remained four years until 1999 the euro replaced the French franc at a rate of 1 EUR =6.55957 FRF. Hence the CFA franc is now pegged with the euro at a rate of 1 EUR =655.957 CFA.
Also during World War II, another French franc, the CFP franc was created in December 1945 used among the French Pacific territories. It was initially set a fixed exchange rate with the U.S. dollar at 1 USD= 49.6 XPF and later shifted pegging with the French franc at 1 XPF=5.50 FRF from 1949 to 1959. The French franc was redenominated with 100 old francs becoming 1 new franc in 1960. So from 1960 to 1998, the exchanged rate between CFP franc and the French franc was 1 XPF=0.055 FRF. The CFP franc fixed the exchange rate with euro since January 1, 1999 at 1 XPF=0.00838 Euro.
Central African CFA franc coins and banknotes
The Central African CFA franc is divided into 100 centimes but no centime denominations have been issued.
Currently in circulation coins are in denominations of 1, 2, 5, 10, 25, 50, 100, 500 francs, and banknotes are in denominations of 500, 1000, 2000, 5000, 10,000 francs.
Central African CFA franc and the French franc
The French franc was used among French colonies from nineteenth century until the late decades of twentieth century when after most countries were independent and issued their own currencies.
The CFA franc was issued in 1945 pegging with the French franc until 1999.
|Nations||Currency name||Code||Independence from France||1 USD=||Notes|
|Morocco||Moroccan dirham||MAD||in 1956||8.52378||1. The dirham was used as subdivision the Moroccan rial, with 10 dirham = 1 rial, from 1882 to
1921. It was reintroduced in 1960 and replaced the Moroccan franc at 1 dirham = 100 francs in 1974.
2. Moroccan franc was used in Morocco from 1921 until 1974.
|Algeria||Algerian dinar||DZD||in 1962||78.9858||1. The Algerian dinar was introduced on 1 April 1964, replacing the Algerian new franc at par.
2. The Algerian franc was used from 1848, equivalent to the French franc initially. Following the French franc revaluation in 1960 (<see notes <1>), the Algerian franc was revalued accordingly at a rate of 100 old Algerian francs = 1 new Algerian franc.
|Tunisia||Tunisian dinar||TND||in 1956||1.5765||1. Tunisian dinar was created in 1958 and replaced the Tunisian franc at a rate of 1000 francs = 1 dinar.
2. Tunisian franc was used in Tunisia from 1891 to 1958 and was equivalent to the French franc.
|Mauritania||Mauritanian ouguiya||MRO||in 1960||294.249||The Mauritanian ouguiya was introduced in 1973, replacing the CFA franc at a rate of 1 MRO = 5 CFA francs.|
|Djibouti||Djiboutian franc||DJF||in 1977||170.624||1. The French franc had been circulated in Djibouti since 1884 until 1949 when the independent Djiboutian franc was introduced pegging to the US dollar at a rate of 1 USD =214.392 DJF.
2. The Djiboutian franc was revalued in 1971 and 1973 and has been pegged with U.S. dollar at 1 USD= 177.721 DJF since then.
|Guinea||Guinean franc||GNF||in 1958||7036.69||1. The first Guinean franc was introduced in 1959 to replace the CFA franc but was replaced by syli at a rate of 1 syli = 10 francs in 1971.
2. The Guinean franc was reintroduced in 1985, at par with the syli.
|Madagascar||Malagasy ariary||MGA||in 1960||2199.96||1. The Malagasy ariary was introduced in 1961, equaled to 5 Malagasy francs. It replaced the Malagasy franc as the official currency January 1, 2005, replaced rate at 1 MGA =5 Malagasy francs.
2. The Malagasy franc was introduced on July 1, 1925, replaced by Madagascar-Comoros CFA franc in 1945. It was reintroduced on July 1, 1963, initially pegged to the French franc with the same value as the CFA franc (1 FRF = 50 MGF) but later devaluated and floated.
3. Madagascar left the CFA zone effective 1 July 1973.
|Comoros||Comoro franc||KMF||in 1975||376.983||1. Comoros started to use French franc since 1886.
2. The Madagascar-Comoros CFA franc was used from 1945 to 1960. It was initially fixed with old French franc at 1.7 but later was changed to 2 French francs and remained until 1979.
3. Comoro franc was created and pegged with new French franc (FRF) at 1 FRF=50 KMF since 1979 until 1994 when it's 1 FRF=75 KMF, currently being pegged with euro at 1EUR= 491.96775 KMF.
|Mayotte||Euro||EUR||France overseas region||0.76628||Mayotte is an integral part of France and the European Union.|
|Reunion||Euro||EUR||France overseas region||0.76628||Reunion is an integral part of France and the European Union.|
<1>The French franc was revalued on January 1, 1960, with 100 old francs becoming 1 new franc.
<2>The French franc was replaced by euro at a fixed parity of 1 EUR=6.55957 FRF since January 1, 1999.
Central African CFA Franc and which countries are using franc currency?
Most franc currencies are using in most of the Francophone countries of Africa.
|Currencies||Code||Users||1 USD=||1 EUR=||1 GBP=||Notes|
|Swiss Franc||CHF||1. Officially used in Switzerland, Liechtenstein and Italy exclave Campione d'ltalla.
2. Also widely used in German exclave Büsingen.
|0.90973||1.23101||1.42429||German exclave Büsingen uses the euro as sole legal currency.|
|West African CFA franc||XOF||XOF currency union: Benin, Burkina Faso, Cote d'lvoire (Ivory Coast), Guinea-Bissau, Mali, Niger, Senegal, Togo||484.757||655.959||758.945||The West African CFA franc is pegged with euro at 1 EUR = 655.9570 XOF since Jan.1st 1999.|
|Central African CFA franc||XAF||XAF currency union: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, Gabon||484.757||655.959||758.945||The Central African CFA franc pegged with euro at 1 EUR = 655.9570 XAF since Jan 1st, 1999.|
|CFP franc||XPF||XPF currency union: French overseas collectivities of French Polynesia, New Caledonia, Wallis and Futuna||88.1854||119.331||138.061||The CFP franc is pegged with euro at 1 EUR = 0.00838 XPF since Jan 1st, 1999.|
|Comorian franc||KMF||Comoros||363.561||491.967||569.184||The Comorian franc is pegged with the euro at 1 EUR =491.96755KMF since Jan.1st 1999.|
|Congolese franc||CDF||Democratic Republic of the Congo||920.728||1245.82||1441.54||The Congolese franc was used during 1908-1962, 1997-present.|
|Djiboutian franc||DJF||Djibouti||179.748||243.215||281.424||The Djiboutian franc is pegged with U.S.dollar at 1 USD = 177.721 DJF since 1949.|
|Guinean franc||GNF||Guinea||6979.82||9444.29||10928||The Guinean franc was first introduced in 1959, used in 1959-1971, 1985-present.|
|Rwandan franc||RWF||Rwanda||632.488||855.688||990.156||Rwandan franc was introduced in 1964.|
|Burundi franc||BIF||Burundi||1559.98||2110.49||2442.15||Burundi franc was introduced in 1964.|