West African CFA Franc - XOF

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).

BREAKING DOWN '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. CHF (Swiss Franc)

    The currency abbreviation for the Swiss franc (CHF), the currency ...
  3. Euro

    The official currency of the European Union's (EU) member states. ...
  4. Forex - FX

    The market in which currencies are traded. The forex market is ...
  5. XCD (Eastern Caribbean Dollar)

    The currency abbreviation or the currency symbol for the Eastern ...
  6. Transfer Risk

    The risk that a local currency cannot be converted into the currency ...
Related Articles
  1. Forex Education

    Top 8 Most Tradable Currencies

    Currencies can provide diversification for a portfolio that's in a rut. Find out which ones you need to know.
  2. Forex Education

    Commodity Prices And Currency Movements

    Find out which currencies are most affected by fluctuations in gold and oil prices, and improve your trading.
  3. Forex Education

    5 Economic Reports That Affect The Euro

    There are hundreds of reports affecting the FX market. Find out which ones are the most relevant for traders.
  4. Forex Education

    Make The Currency Cross Your Boss

    Tap into a world of possibilities by going beyond the simple pro- or anti-dollar trade.
  5. Markets

    Re-Emerging Markets?

    If you're wondering when will the emerging markets comeback be? Read on because is still young, but encouraging.
  6. Forex

    Global Transportation: Exploring Revenue Trends and Fundamentals

    Explore the geographic trends in global transportation sector revenues, and discover the factors that influence revenue contribution and growth in this area.
  7. Stock Analysis

    Microsoft Stock: An Earnings Case Study (MSFT)

    Examine Microsoft's historic and forecast earnings. Analyze the factors driving recent EPS performance and shaping consensus analyst estimates.
  8. Forex Education

    4 Reasons Currency Hedging is Important

    Learn how currency hedging can help reduce exchange rate risk for a portfolio of foreign stocks. Consider the cost of hedging and its potential benefits.
  9. Forex Fundamentals

    The Brazilian Real: A Case Study (PBR)

    Take a five-year tour with the Brazilian real (BRL), a currency that has seen more than its fair share of ups and downs, thanks to political turmoil.
  10. Investing

    Where Will Currencies Go From Here?

    We discuss the factors behind these 3 trends: a rising U.S. dollar, a selloff in EM currencies and a weakening yuan, and debate whether they are likely to continue in 2016.
RELATED FAQS
  1. Is Bitcoin legal in the US?

    Learn about the legality of Bitcoin as a form of payment in the United States, as well as how it is produced and concerns ... Read Answer >>
  2. Who decides when to print money in India?

    Find out the role of the Reserve Bank of India, or RBI, and the amount of authority given to the government. Learn who is ... Read Answer >>
  3. How is a block chain network useful for trading goods and assets in virtual currencies?

    Find out how blockchain technology works and why it is so crucial for maintaining trading networks for virtual currencies ... Read Answer >>
  4. What types of companies benefit from reporting results utilizing constant currencies ...

    Understand constant currency figures, and explore some of the reasons why a company is likely to benefit from reporting using ... Read Answer >>
  5. What are key benefits to a country that has engaged in a policy of currency depreciation?

    Learn about key benefits to a country engaging in a policy of currency depreciation, such as smaller trade deficits, employment ... Read Answer >>
  6. How does a block chain prevent double-spending of Bitcoins?

    Find out how double-spending is prevented in the Bitcoin server and how transactions are posted and verified on the Bitcoin ... Read Answer >>
Hot Definitions
  1. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  2. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  3. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
  4. DuPont Analysis

    A method of performance measurement that was started by the DuPont Corporation in the 1920s. With this method, assets are ...
  5. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
  6. Economies Of Scale

    Economies of scale is the cost advantage that arises with increased output of a product. Economies of scale arise because ...
Trading Center