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What is central African CFA franc?

What is central African CFA franc?

The Central African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XAF) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.

Is the franc used in Africa?

The CFA franc (French: franc CFA, [fʁɑ̃ seɛfɑ], Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa, or colloquially franc) 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 …

Which African countries use CFA franc?

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….

West African CFA franc
Pegged with euro = 655.957

What currency does Central Africa use?

Central African CFA franc
Central African Republic/Currencies

How many African countries use CFA?

14 countries
The CFA franc zone consists of 14 countries in sub-Saharan Africa, each affiliated with one of two monetary unions.

What money does Africa use?

South African rand
South Africa/Currencies

The South African rand (ZAR) is the national currency of the country of South Africa. The rand was introduced in February 1961 and mostly held a steady peg against the US dollar until the end of apartheid.

How France controls West Africa?

As the French pursued their part in the scramble for Africa in the 1880s and 1890s, they conquered large inland areas, and at first, ruled them as either a part of the Senegal colony or as independent entities. These conquered areas were usually governed by French Army officers, and dubbed “military territories”.

How many African country uses CFA?

When was CFA franc first used in Africa?

We do it for African youth,” Macron wrote on his official Twitter page on Saturday. Known as “Colonies Francaises d’Afrique” (French colonies in Africa), the CFA franc was established in 1945 and has been tagged as a controversial currency for its control by France.

Why did France stop using the CFA franc?

Macron, speaking in Abidjan, the economic capital of Ivory Coast, described colonialism as a “grave mistake and a fault of the republic” according to a DW News report. The move to drop the CFA franc is part of France’s plan to rebuild relations with its former African colonies.

Which is the common currency of 14 African countries?

CFA Franc | History and information | BCEAO. The CFA franc is the common currency of the 14 African countries belonging to the Franc Zone. The states include :

Why did France store its foreign currency reserves?

French colonies have had to store 50% of their foreign currency reserves with France in return for France guaranteeing the currency.