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.
Which African country uses franc currency?
The Central African Franc is an official currency and used in 5 countries. The Central African Franc is tied to the Euro with a fixed exchange rate.
Central African Franc as currency.
Is CFA higher than Naira?
Or that, upon exchanging currencies, 1 Euro is equal to 335.6 Naira while 1 Euro is equivalent to FCfa 655.9570. … In reality, the difference between the two Cameroonian and Nigerian currencies is rather on the number of notes issues.
Does France own the CFA?
franc of the West African Economic and Monetary Union, which has eight member countries, and one for the Central African Monetary and Economic Community, which has six. C.F.A. … In return for guaranteeing the currency, France holds 50 percent of the foreign exchange reserves of the C.F.A.
How Much Does France make from Africa?
It is estimated that France now holds nearly $500 billion of African countries’ money in its treasury and will do anything to keep it. Moreover, the African countries do not have access to this money.
Which country uses cinq cents francs?
The Bank of Central African States started issuing these 500 CFA franc Central Africa banknotes in 2002. They are currently still in circulation.
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