Jump to content

West African CFA franc

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 80.176.89.230 (talk) at 14:16, 27 June 2013. The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

West African CFA franc
franc CFA BCEAO Template:Fr icon
Current coins of the West African CFA franc.
ISO 4217
CodeXOF (numeric: 952)
Unit
SymbolCFA‎
Nicknamecéfa, franc
Denominations
Subunit
 1/100centime
Symbol
 centimec
Banknotes500, 1,000, 2,000, 5,000, 10,000 francs
Coins1, 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 bankCentral Bank of West African States
 Websitewww.bceao.int
Valuation
Pegged witheuro = CFA 655.957
Usage of:
  West African CFA franc
  Central African CFA franc

The West African CFA franc (French: franc 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, Sénégal and Togo. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community").[1] The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. They are both the CFA franc.

History

Main article: CFA franc

The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The West African colonies and territories using the CFA franc were Côte d'Ivoire, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. 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. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs. The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997,[2] replacing the Guinea Bissau peso at a rate of 1 CFA franc = 65 pesos.

Coins

In 1948, aluminium 1- and 2-franc coins were introduced. These were followed in 1956 by aluminium-bronze 5, 10 and 25 francs. All carried the name Afrique Occidentale Française. In 1957, 10- and 25-franc coins were issued with the name of Togo added. From 1959, coins have been issued by the BCEAO. Nickel 100-franc coins were introduced in 1967, followed by the cupro-nickel 50-franc coins in 1972. Small, steel 1-franc coins were introduced in 1976 (struck until 1995), followed by bimetallic 250 francs in 1992 (struck until 1996). In 2003, bimetallic 200- and 500-franc coins were introduced.

Banknotes

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. 500-franc notes were added in 1946, followed by those of 5,000 francs in 1948. In 1955, the Institut d'Emission de l'A.O.F. et du Togo took over the production of paper money, issuing notes for 50, 100, 500 and 1000 francs.

In 1959, the BCEAO took over the issuance of paper money and reintroduced a 5,000-franc note. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance. 50-franc notes were last issued in 1959, with 100 francs not issued since 1965. 10,000-franc notes were introduced in 1977, followed by 2,500-franc notes in 1992

In 2004, a new series of notes was introduced in denominations of 1,000, 2,000, 5,000 and 10,000 francs, with the 500-franc note having been replaced by a coin the year before. The newer notes contain updated security features and are more modern in design. The change was welcomed because of a perception that the old notes were dirty and disease-ridden (1). The colour of the 5,000-franc note was changed from blue to green. On November 30, 2012, the Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) issued a 500 franc banknote.[3][4]

Banknotes of the West African CFA franc (1991-1992 issue)
Value Obverse Reverse Remark
500 francs Flood control dam; man Garden tractor A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
1000 francs Hauling peanuts; woman Carvings; women; riverside storage bins A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
2500 francs Hydroelectric dam; woman Spraying pesticide A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo)
5000 francs Smelting plant; women A group of women A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
10,000 francs Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) building, Dakar; man A woman walking on a vine bridge A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
Banknotes of the West African CFA franc (2003 issue)
Value Obverse Reverse Remark
500 francs CFA A wooden carved mask; Computerization in West Africa: hand touching a touch tablet PC which is connected to West African countries on the outline map of Africa Hippopotamuses A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
1000 francs CFA A wooden carved mask; symbols of education and health Camels A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
2000 francs CFA A wooden carved mask; transportation Fish A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
5000 francs CFA A wooden carved mask; agriculture Antelopes (Kobus kob kob) A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)
10,000 francs CFA A wooden carved mask; telecommunication Birds (Tauroco macrorhynchus) A (Côte d'Ivoire / Ivory Coast); B (Benin); C (Burkina Faso); D (Mali); H (Niger); K (Senegal); T (Togo); S (Guinea-Bissau)

Future proposals

The English-speaking states of Gambia, Ghana, Liberia, Nigeria and Sierra Leone, along with the French-speaking state of Guinea, have formed the West African Monetary Zone (WAMZ) and aim to introduce a common currency, the Eco, on 1 January 2015, with the ultimate goal of uniting the West African Economic and Monetary Union and the WAMZ to form a single West African monetary zone.

Current XOF exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD
  • Member countries
    Member countries

See also

References

  1. ^ "Présentation" (in French). Central Bank of West African States. Retrieved July 14, 2012. Template:Fr icon
  2. ^ "The Many Varieties of West African States Banknotes". Home.earthlink.net. 1959-04-04. Retrieved 2012-07-06.
  3. ^ [1] Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States). Retrieved on 2012-11-07.
  4. ^ West African States new 500-franc note to be issued 30.11.2012 BanknoteNews.com. November 7, 2012. Retrieved on 2012-11-09.
Retrieved from "https://en.wikipedia.org/w/index.php?title=West_African_CFA_franc&oldid=561827166"