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French overseas collectivities of French Polynesia, New Caledonia, and Wallis and Futuna.
CFP franc is pegged with euro at 1XPF = 0.00838 euro
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CFP franc users
The CFP franc is the currency of three French overseas collectivities of French Polynesia, New Caledonia and Wallis and Futuna.
French overseas collectivities are parts of administrative divisions of French Republic which include 27 administrative regions (subdivided with 101 departments) and five overseas collectivities, one sui generis collectivity (New Caledonia), one overseas territory (French Southern and Antarctic Lands) and one island possession in the Pacific Ocean (Clipperton Island). All French collectivities and territories are part of French republic but not part of the European Union.
The commonly mentioned five overseas regions (French Guiana, Guadeloupe, Martinique, Mayotte and Reunion) are part of the 27 administrative regions (the rest 22 regions are in metropolitan France). Hence the five overseas regions are an integral part of France as well as the European Union. They used the French franc and now use the euro.
The five overseas collectivities are French Polynesia, Wallis and Futuna, Saint Barthélemy, Saint Martin and Saint Pierre and Miquelon. Both Saint Barthélemy, and Saint Martin seceded from Guadeloupe (France overseas region) on February 22, 2007 and use the euro as currency. Saint Pierre and Miquelon uses the euro too. The three collectivities of French Polynesia, Wallis and Futuna, and New Caledonia are all islands in South Pacific Ocean and their geopolitical region belongs to Oceania continent.
CFP franc history
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.
During the same period of World War II, another currency named 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.
CFP franc coins and banknotes
The CFP franc is subdivided into 100 centimes.
Currently in circulation coins are in denominations of 1, 2, 5, 10, 20, 50, 100 Francs, and banknotes are in denominations of 500, 1000, 5000, 10000 Francs.