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.