West African CFA Franc


Also found in: Wikipedia.

West African CFA Franc

The currency of several former French colonies in West Africa, namely Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It was introduced in 1945 to spare French colonies from the severe devaluation necessary to the French franc following World War II. Between 1949 and 1999, it was pegged to the French franc. Since then, it has been pegged to the euro. While it is of equal value to the Central African CFA franc, the two currencies are not interchangeable.
References in periodicals archive ?
The intention is that the new currency will eventually merge with the West African CFA franc to create a common currency for much of West Africa.
The CFA franc stands for the West African CFA franc and the Central African CFA franc, two currencies that, even though separate, are in practice interchangeable and which have a fixed exchange rate to the euro.
Intra-regional barriers are also falling slowly through such blocks as COMESA, SADC, ECOWAS, and the respective Central and West African CFA franc zones which share common euro pegs and tariff regimes.

Full browser ?