The states include : The CFA franc was created on December 26, 1945, the date on which France ratified the Bretton Woods Agreements and made its first declaration of parity to the International Monetary Fund (IMF). Invert the table to see CFA BEAC Francs per 1 US Dollar. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. Export to Excel Export this data to a CSV file which can be imported by Microsoft Excel. French officials presented the decision as an act … ‘Eco warriors’ battle over future of West African currency. This is the US Dollar (USD) to West African CFA … Some eight Francophone West African states, lead by Côte d’Ivoire, decided in December 2019 to … It was later known as the “franc of the African Financial Community” to the member States of the West African Monetary Union (WAMU) and as the “franc of Financial Cooperation in Central Africa” to the member countries of the Central African Monetary Union (CAMU). The CFA franc was created on 26th December 1945 in the wake of the Bretton Woods conference, in order to cushion the colonies from a strong devaluation of the franc. You also can click the currency name to view the exchange rates of this currency converting to other currencies. Invert the table to see US Dollars per 1 CFA BCEAO Franc. The currency lost half its value in one night as one French franc, previously worth 50 FCFA, became worth 100 FCFA. 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, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.These eight countries had a combined population of 105.7 million people in 2014, [1] and a combined GDP of US$128.6 billion (as of 2018). The currency code for Francs is XOF. CFA is the acronym for Communauté Financière Africaine (African Financial Community). The currency is currently used by 140m people in 14 countries. … The new French franc of December 1958 had a fixed parity of one French franc (FF) for 50 FCFA. In the rarified realm of currency negotiations, the year had started on a positive note. Previously, French colonies had their currencies pegged to the French franc. It was devalued in 1994 and then remained at 100 to 1 until France adopted the euro in 1999. This page shows the historical data for CFA Franc (BEAC)(XAF) To Hong Kong Dollar(HKD) From Wednesday 21/10/2020 To Thursday 12/11/2020. This double whammy, combined with rising wages and payment arrears, resulted in falling investment and capital flight. The CFA franc was created on 26 December 1945, along with the CFP franc. The decision to call the CFA franc replacement currency the 'Eco' has caused a major rift in the region - and underlines the struggle between Nigeria and Côte d'Ivoire for regional influence. They also extend credit facilities to banks and other financial institutions as well as to the member states’ governments. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. In the last 10 years, growth in the WAEMU has been lower than that in non-franc regions in Africa, despite the latter not having the benefits of a single currency zone. This page shows the historical data for CFA Franc (BEAC)(XAF) To United States Dollar(USD) From Tuesday 08/12/2020 To Wednesday 30/12/2020. The CFA franc was created on 26 December 1945, along with the CFP franc. Welcome to the USD XOF history summary. © 2017 Central Bank of West African States (BCEAO), The Conference of Heads of State and Government, The Regional Council for Public Savings and Financial Markets, Characteristics of the CFA F 10,000 banknote, Instruments of Monetary Policy Implementation, Situation of credits and microfinance institutions, Press statement of the meeting of the Monetary Policy Committee of the BCEAO, held in Dakar on June 1, 2016, Press statement of the ordinary meeting of the Council of Ministers of the West African Economic and Monetary Union (WAEMU), held in Dakar on March 24, 2016. This page shows the exchange rate of Euro (EUR) To CFA Franc (BEAC) (XAF) on 24 Nov 2020 (24/11/2020).If you would like to view the current exchange rate of the currency pair, please visit Euro (EUR) To CFA Franc (BEAC) (XAF) Exchange Rates Today. In 1985, Equatorial Guinea, a former Spanish colony, joined the CFA zone, as did the former Portuguese colony of Guinea-Bissau in 1997. The reason for their creation was the weakness of the French franc immediately after World War II. With the history chart of this currency pairs you can review market history and analyze rate trends. The CFA franc follows the same monetary policies set by the European Central Bank and executed by the Central Bank of West African States and the Bank of Central African States respectively. In 1960, Guinea-Conakry left the franc zone, and set up its own currency and central bank. While some believe that this divisive currency should be resting in the old collections of numismatists fond of colonial history, the CFA franc still runs today in the veins of 14 African economies. The prime objective of the monetary policy of the BCEAO is to ensure price stability. August 2, 1993: suspension by the BCEAO of purchases of banknotes issued by the BCEAO when exported outside the African countries belonging to the Franc Zone. I have been commissioned to write the Introduction (Preface) to the upcoming book – The Last Colonial Currency: A History of the CFA Franc – by Fanny Pigeaud and Ndongo Samba Sylla, which is an English version of the original 2018 book, L’arme invisible de la Françafrique.It will soon be published by Pluto Press (UK) – as soon as I finish this introduction. History. History Creation. Simultaneously, the appreciation of the French franc against other major currencies made the zone’s exports less competitive. The CFA franc was created on December 26, 1945, the date on which France ratified the Bretton Woods Agreements and made its first declaration of parity to the International Monetary Fund (IMF). The CFA franc was created on 26th December 1945 in the wake of the Bretton Woods conference, in order to cushion the colonies from a strong devaluation of the franc. 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. The CFA was later split into the Communauté Fin… This page shows the historical data for Nigerian Naira(NGN) To CFA Franc (BCEAO)(XOF) From Saturday 12/12/2020 To Sunday 03/01/2021. At the time, the name meant "franc of the French Colonies of Africa". December 20, 1993: suspension by the BCEAO of purchases of banknotes issued by it that are held in the CAMU Zone. September 17, 1993: entry into force of the decision by the authorities of the Bank of Central African States (BEAC) to suspend purchases of banknotes issued by it when exported into the WAMU Zone. More CFA Franc info > One of the more potent symbols of ‘dependence’ on the former colonial power is the CFA franc, the collective name of two currencies used in West Africa that are still guaranteed by the French treasury and pegged to the euro. You also can click the currency name to view the exchange rates of this currency converting to other currencies. At the time, the name meant "franc of the French Colonies of Africa". The CFA Franc Africa History Blog V This year, the CFA franc is turning 75 years old. REUTERS/Luc Gnago. Both versions of the CFA franc are hard-pegged to the euro. With the history chart of this currency pairs you can review market history and analyze rate trends. Yesterday this currency exchange rate was on 0.98754 XAF higher than today. With France’s membership of the euro on 1st January 1999, the parity remained the same, adjusted automatically, making one euro worth 6.55957 FF francs – equivalent to 655.957 FCFA. However, the CFA zone balance of payments has been positive for five years and grew at 4.3% in 2010. The devaluation of 1994 proved to be a real shock for the economies of the zone. In 1958, the CFA franc then became the ‘Franc of the French Community of Africa’ (FCFA), after Général de Gaulle introduced the notion of ‘community’ to the colonies of West and Central Africa. Would you like to invert the currencies pairs? The reason for their creation was the weakness of the French franc immediately after World War II. CFA Franc (BCEAO)(XOF) To Euro(EUR) Exchange Rate History This page shows the historical data for CFA Franc (BCEAO)(XOF) To Euro(EUR) From Saturday 24/10/2020 To Sunday 15/11/2020. The name was later changed but the acronym and its symbolic charge remain. With the history chart of this currency pairs you can review market history and analyze rate trends. When the CFA franc was first created, it was pegged to the French franc at 50 CFA francs to 1 French franc. On the last week currencies rate was cheaper for -2.11493 XAF.Last month was lower on - 0.04341. XE’s free live currency conversion chart for CFA Franc to US Dollar allows you to pair exchange rate history for up to 10 years. View a graph which plots historical exchange rates for the CFA BCEAO Franc against the US Dollar Invert table The table currently shows historical exchange rates for CFA BCEAO Francs per 1 US Dollar. Moreover, we added the list of the most popular conversions for visualization and the history table with exchange rate diagram for 1 US Dollar (USD) to CFA Franc BCEAO (XOF) from Tuesday, 05/01/2021 till Tuesday, 29/12/2020. The Historical Currency Converter is a simple way to access up to 25 years of historical exchange rates for 200+ currencies, metals, and cryptocurrencies. When France ratified the Bretton Woods Agreement in December 1945, the French franc was devalued in order to set a fixed exchange rate with the US dollar. Export to Excel Export this data to a CSV file which can be imported by Microsoft Excel. The enormous rise in the price of imported foodstuffs across supermarkets is still remembered by people as an extremely difficult time. Full history please visit USD/XOF Currency Exchange History In the second half of the 1980s, a sharp fall in cocoa, coffee, cotton and oil prices on international markets battered the CFA-zone economies. With the history chart of this currency pairs you can review market history and analyze rate trends. Africa’s two monetary unions, the Western African Economic and Monetary Union (WAEMU) and the Central African Monetary Union (CAMU) use the CFA franc. 1 US Dollar (USD) = 553.894 CFA Franc BCEAO (XOF) USD To XOF Exchange Rates RSS Feed. 3 At that point, the French franc was converted to the euro at 6.55957 to 1. 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. The CFA franc, used by 14 countries yet economically bound to France, is the last colonial currency on the African continent. This page shows the exchange rate of CFA Franc (BCEAO) (XOF) To Singapore Dollar (SGD) on 11 Sep 2020 (11/09/2020).If you would like to view the current exchange rate of the currency pair, please visit CFA Franc (BCEAO) (XOF) To Singapore Dollar (SGD) Exchange Rates Today. New currencies were created in the French coloniesto spare them the strong devaluation, thereby facilitating imports from France. Euro(EUR) To CFA Franc (BCEAO)(XOF) Exchange Rate History This page shows the historical data for Euro(EUR) To CFA Franc (BCEAO)(XOF) From Saturday 12/12/2020 To Sunday 03/01/2021. Goods produced by the CFA franc zone countries were priced out of the world market when the exchange rate for the CFA franc was artificially high. XOF - CFA Franc. This graph show how much is 11500 Swiss Francs in CFA Francs - 6972686.08992 XAF, according to actual pair rate equal 1 CHF = 606.3205 XAF. Guaranteed in French francs by the French Treasury. Comoros has always been part of the franc zone but has its own currency, the Comorian franc, which is pegged to the euro at a different rate. The convertibility of the CFA franc to the euro is guaranteed by the French Treasury. The currency, backed by the French treasury and fixed to the euro, is currently being used by more than 160 million people in West and Central Africa (Max Planck Sciences Po Center). Initially, the French colonies used currencies linked to the French franc but after independence, several countries left the franc zone: Tunisia in 1958, Morocco in 1960, Guinea in 1959, Algeria in 1964, Madagascar and Mauritania in 1973. At the time, Guinea-Conakry, under Sékou Touré, was the only one to reject the offer and the country obtained independence in October 1958, some two years before the other colonies. 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. XOF to USD currency chart. 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