West African CFA Franc - XOF

AAA

DEFINITION of 'West African CFA Franc - XOF'

The currency of eight independent states in West Africa. The West African CFA franc uses both coins and banknotes, with the franc being subdivided into centimes. The currency is regulated by Central Bank of West African States. The members that use it consist of the West African Economic and Monetary Union (UEMOA) and include Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo.


CFA stands for "Communatué financière d'Afrique" (African Financial Community).

INVESTOPEDIA EXPLAINS 'West African CFA Franc - XOF'

Along with the Central African CFA franc, the West African CFA franc makes up the currency of most of central and west Africa. The currency was introduced following the second world war and replaced the French West African franc. Several countries belonging to the UEMOA were French colonies. It is now pegged to the euro.


RELATED TERMS
  1. Deutschmark

    The official currency of Germany until Germany's adoption of ...
  2. Forex - FX

    The market in which currencies are traded. The forex market is ...
  3. Euro

    The official currency of the European Union's (EU) member states. ...
  4. CHF (Swiss Franc)

    The currency abbreviation for the Swiss franc (CHF), the currency ...
  5. WM/Reuters Benchmark Rates

    Spot and forward foreign exchange rates that are used as standard ...
  6. Bitcoin Mining

    Bitcoin mining is the process by which transactions are verified ...
Related Articles
  1. Top 8 Most Tradable Currencies
    Forex Education

    Top 8 Most Tradable Currencies

  2. Commodity Prices And Currency Movements
    Forex Education

    Commodity Prices And Currency Movements

  3. 5 Economic Reports That Affect The Euro
    Forex Education

    5 Economic Reports That Affect The Euro

  4. Make The Currency Cross Your Boss
    Forex Education

    Make The Currency Cross Your Boss

comments powered by Disqus
Hot Definitions
  1. Passive ETF

    One of two types of exchange-traded funds (ETFs) available for investors. Passive ETFs are index funds that track a specific ...
  2. Walras' Law

    An economics law that suggests that the existence of excess supply in one market must be matched by excess demand in another ...
  3. Market Segmentation

    A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will ...
  4. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  5. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  6. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
Trading Center