Concept

CFA franc

Summary
The CFA franc (franc CFA, fʁɑ̃ seɛfɑ, Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa, or colloquially franc; abbreviation: F.CFA) is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. On 22 December 2019, it was announced that the West African currency would be reformed and replaced by an independent currency to be called Eco. Both CFA francs have a fixed exchange rate (peg) to the euro: €1 = F.CFA 655.957 exactly, and member countries deposited half of their foreign exchange reserves with the French Treasury. The currency has been criticized for restricting the sovereignty of the African member states, e
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