Currency - West African CFA franc

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West African CFA franc

Fr
The West African CFA franc (franc CFA; 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, and a combined GDP of US$128.6 billion (as of 2018).

The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). 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.

The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both called the 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 Ivory Coast, 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, replacing the Guinea-Bissau peso at a rate of 1 CFA franc = 65 pesos.

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.

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. 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.

Country

Benin

Benin (, ; Bénin ), officially the Republic of Benin (République du Bénin) and formerly Dahomey, is a country in West Africa. It is bordered by Togo to the west, Nigeria to the east, and Burkina Faso and Niger to the north. The majority of its population lives on the small southern coastline of the Bight of Benin, part of the Gulf of Guinea in the northernmost tropical portion of the Atlantic Ocean. The capital of Benin is Porto-Novo, but the seat of government is in Cotonou, the country's largest city and economic capital. Benin covers an area of 114,763 km2 and its population in was estimated to be approximately million. Benin is a tropical nation, highly dependent on agriculture. Benin is a big exporter of cotton and palm oil. The substantial employment and income arise from subsistence farming.

The official language of Benin is French. However, indigenous languages such as Fon and Yoruba are commonly spoken. The largest religious group in Benin is Roman Catholicism, followed closely by Islam, Vodun and Protestantism. Benin is a member of the United Nations, the African Union, the Organisation of Islamic Cooperation, the South Atlantic Peace and Cooperation Zone, La Francophonie, the Community of Sahel-Saharan States, the African Petroleum Producers Association and the Niger Basin Authority.

Burkina Faso

Burkina Faso is a landlocked country in West Africa. It covers an area of around 274200 km2 and is surrounded by six countries: Mali to the north; Niger to the east; Benin to the southeast; Togo and Ghana to the south; and Ivory Coast to the southwest. The July 2018 population estimate by the United Nations was 19,751,651. Burkina Faso is a francophone country, with French as the official language of government and business. Roughly 40% of the population speaks the Mossi language. Formerly called the Republic of Upper Volta (1958–1984), the country was renamed "Burkina Faso" on 4 August 1984 by then-President Thomas Sankara. Its citizens are known as Burkinabé. Its capital is Ouagadougou.

The Republic of Upper Volta was established on 11 December 1958 as a self-governing colony within the French Community, and on 5 August 1960 it gained full independence, with Maurice Yaméogo as President. After protests by students and labour unions, Yaméogo was deposed in the 1966 coup d'état, led by Sangoulé Lamizana, who became President. His rule coincided with the Sahel drought and famine, and facing problems from the country's traditionally powerful trade unions he was deposed in the 1980 coup d'état, led by Saye Zerbo. Encountering resistance from trade unions again, Zerbo's government was overthrown in the 1982 coup d'état, led by Jean-Baptiste Ouédraogo. The leader of the leftist faction of Ouédraogo's government, Thomas Sankara, became Prime Minister but was later imprisoned. Efforts to free him led to the popularly-supported 1983 coup d'état, in which he became President. Sankara renamed the country Burkina Faso and launched an ambitious socioeconomic programme which included a nationwide literacy campaign, land redistribution to peasants, railway and road construction and the outlawing of female genital mutilation, forced marriages and polygamy. Sankara was overthrown and killed in the 1987 coup d'état led by Blaise Compaoré – deteriorating relations with former coloniser France and its ally the Ivory Coast were the reason given for the coup.

Côte d'Ivoire

Ivory Coast or Côte d'Ivoire, officially the Republic of Côte d'Ivoire, is a country located on the south coast of West Africa. Ivory Coast's political capital is Yamoussoukro in the centre of the country, while its economic capital and largest city is the port city of Abidjan. It borders Guinea and Liberia to the west, Burkina Faso and Mali to the north, Ghana to the east, and the Gulf of Guinea (Atlantic Ocean) to the south.

Before its colonization by Europeans, Ivory Coast was home to several states, including Gyaaman, the Kong Empire, and Baoulé. The area became a protectorate of France in 1843 and was consolidated as a French colony in 1893 amid the European scramble for Africa. It achieved independence in 1960, led by Félix Houphouët-Boigny, who ruled the country until 1993. Relatively stable by regional standards, Ivory Coast established close political and economic ties with its West African neighbors while at the same time maintaining close relations to the West, especially France. Ivory Coast experienced a coup d'état in 1999 and two religiously-grounded civil wars, first between 2002 and 2007 and again during 2010–2011. In 2000, the country adopted a new constitution.

Guinea-Bissau

Guinea-Bissau, officially the Republic of Guinea-Bissau (República da Guiné-Bissau ), is a country in West Africa that covers 36125 km2 with an estimated population of.

Guinea-Bissau was once part of the kingdom of Gabu, as well as part of the Mali Empire. Parts of this kingdom persisted until the 18th century, while a few others were under some rule by the Portuguese Empire since the 16th century. In the 19th century, it was colonized as Portuguese Guinea. Upon independence, declared in 1973 and recognised in 1974, the name of its capital, Bissau, was added to the country's name to prevent confusion with Guinea (formerly French Guinea). Guinea-Bissau has a history of political instability since independence, and no elected president has successfully served a full five-year term.

Mali

Mali, officially the Republic of Mali (undefined), is a landlocked country in West Africa, a region geologically identified with the West African Craton. Mali is the eighth-largest country in Africa, with an area of just over 1240000 sqkm. The population of Mali is million. It borders Mauritania to the West, Senegal, Guinea, Ivory Coast and Burkina Faso to the south, Niger to the east, and Algeria to the north. Its capital is Bamako. The sovereign state of Mali consists of eight regions and its borders on the north reach deep into the middle of the Sahara Desert, while the country's southern part, where the majority of inhabitants live, features the Niger and Senegal rivers. The country's economy centers on agriculture and mining. Some of Mali's prominent natural resources include gold, being the third largest producer of gold in the African continent, and salt.

Present-day Mali was once part of three West African empires that controlled trans-Saharan trade: the Ghana Empire, the Mali Empire (for which Mali is named), and the Songhai Empire. During its golden age, there was a flourishing of mathematics, astronomy, literature, and art. At its peak in 1300, the Mali Empire covered an area about twice the size of modern-day France and stretched to the west coast of Africa. In the late 19th century, during the Scramble for Africa, France seized control of Mali, making it a part of French Sudan. French Sudan (then known as the Sudanese Republic) joined with Senegal in 1959, achieving independence in 1960 as the Mali Federation. Shortly thereafter, following Senegal's withdrawal from the federation, the Sudanese Republic declared itself the independent Republic of Mali. After a long period of one-party rule, a coup in 1991 led to the writing of a new constitution and the establishment of Mali as a democratic, multi-party state.

Niger

Niger or the Niger ( or ; ), officially the Republic of the Niger, is a landlocked country in West Africa named after the Niger River. Niger is bordered by Libya to the northeast, Chad to the east, Nigeria to the south, Benin to the southwest, Burkina Faso and Mali to the west, and Algeria to the northwest. Niger covers a land area of almost 1,270,000 km2, making it the largest country in West Africa. Over 80% of its land area lies in the Sahara Desert. The country's predominantly Islamic population of about million live mostly in clusters in the far south and west of the country. The capital city is Niamey, located in Niger's southwest corner.

Niger is a developing country, which consistently ranks near the bottom in the United Nations' Human Development Index (HDI); it was ranked 187th of 188 countries for 2015 and 189th out of 189 countries in the 2018 report. Much of the non-desert portions of the country are threatened by periodic drought and desertification. The economy is concentrated around subsistence, with some export agriculture in the more fertile south, and export of raw materials, especially uranium ore. Niger faces serious challenges to development due to its landlocked position, desert terrain, inefficient agriculture, high fertility rates without birth control, and the resulting overpopulation, the poor educational level and poverty of its people, lack of infrastructure, poor healthcare, and environmental degradation.

Senegal

Senegal ( undefined), officially the Republic of Senegal (undefined), is a country in West Africa. Senegal is bordered by Mauritania in the north, Mali to the east, Guinea to the southeast, and Guinea-Bissau to the southwest. Senegal also borders The Gambia, a country occupying a narrow sliver of land along the banks of the Gambia River, which separates Senegal's southern region of Casamance from the rest of the country. Senegal also shares a maritime border with Cape Verde. Senegal's economic and political capital is Dakar.

The unitary semi-presidential republic is the westernmost country in the mainland of the Old World, or Afro-Eurasia, and owes its name to the Senegal River, which borders it to the east and north. Senegal covers a land area of almost 197000 km2 and has an estimated population of about million. The climate is typically Sahelian, though there is a rainy season.

Togo

Togo, officially the Togolese Republic (République togolaise), is a country in West Africa bordered by Ghana to the west, Benin to the east and Burkina Faso to the north. The sovereign state extends south to the Gulf of Guinea, where its capital Lomé is located. Togo covers 57,000 km2, making it one of the smallest countries in Africa, with a population of approximately million.

From the 11th to the 16th century, various tribes entered the region from all directions. From the 16th century to the 18th century, the coastal region was a major trading center for Europeans to search for slaves, earning Togo and the surrounding region the name "The Slave Coast". In 1884, Germany declared a region including present-day Togo as a protectorate called Togoland. After World War I, rule over Togo was transferred to France. Togo gained its independence from France in 1960. In 1967, Gnassingbé Eyadéma led a successful military coup d'état after which he became president of an anti-communist, single-party state. Eventually in 1993, Eyadéma faced multiparty elections, which were marred by irregularities, and won the presidency three times. At the time of his death, Eyadéma was the longest-serving leader in modern African history, having been president for 38 years. In 2005, his son Faure Gnassingbé was elected president.

Language

West African CFA franc (English)  Franc CFA (Français)  CFA-Franc BCEAO (Deutsch)  Franco CFA da África Ocidental (Português)  Франк КФА BCEAO (Русский)  Franco CFA de África Occidental (Español)  非洲金融共同体法郎 (中文)  Franc CFA BCEAO (Română)  西アフリカCFAフラン (日本語)  Західноафриканський франк (Українська)  서아프리카 CFA 프랑 (한국어)  Franc CFA Afrika Barat (Bahasa Indonesia)  Batı Afrika CFA frangı (Türkçe)  Západoafrický frank (Slovenčina)  Φράγκο CFA Δυτικής Αφρικής (Ελληνικά)  Franc CFA Tây Phi (Tiếng Việt) 
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