West African CFA franc

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West African CFA franc
currency, franc
Central bank/issuerCentral Bank of West African States Edit
ReplacesFrench West African franc, Malian franc Edit
Unit symbolF Edit
Operating areaWest African Economic and Monetary Union Edit

De West African CFA franc (French: franc CFA or simply call am franc, ISO 4217 code: XOF; abbreviation: F.CFA) ebi currency wey dem dey use by eight independent states insyd West Africa as edey make up de West African Economic and Monetary Union (UEMOA; Union Économique et Monétaire Ouest Africaine): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal den Togo. Dese eight countries gey combine population of 105.7 million people insyd 2014,[1] den combine GDP of US$128.6 billion (as of 2018).

De initialism CFA dey stand give Communauté Financière Africaine ("African Financial Community").[2] De currency dem dey issue by de Central Bank of West African States (BCEAO; Banque Centrale des États de l'Afrique de l'Ouest), wey you go fi locate am insyd Dakar, Senegal, for de members give de UEMOA. De franc dem nominally subdivid am into 100 centimes buh ein coins or banknotes denominate for plenty centimes wey dem issue. De production of CFA franc notes den coins wey dem carry out for Chamalières by de Bank of France since ein creation insyd 1945.

De Central African CFA franc gey equal value for de West African CFA franc, den ein circulation insyd several central African states. Dey both bi commonly call am as de CFA franc.

Insyd December 2019 dem announce say de West African CFA franc dem go reform am, wey ego include de renaming plus de eco den reduce de France ein role insyd de currency.[3][4] De broader Economic Community of West African States (ECOWAS), wey members of UEMOA san bi members, plan say dem go introduce ein own common currency for ein member states by 2027, wey dem gey san formally adopt am ein name wey ebi ECO.[5][6]

References[edit | edit source]

  1. http://www.prb.org/pdf14/2014-world-population-data-sheet_eng.pdf
  2. https://web.archive.org/web/20131005015027/http://www.bceao.int/Presentation,2338.html
  3. https://www.reuters.com/article/us-ivorycoast-france-macron/west-africa-renames-cfa-franc-but-keeps-it-pegged-to-euro-idUSKBN1YP0JR
  4. https://www.dw.com/en/west-africas-new-currency-the-eco-rebrand-or-fresh-start/a-51784054
  5. https://allafrica.com/stories/201907010044.html
  6. https://jp.reuters.com/article/ozatp-uk-westafrica-summit-currency-idAFKCN2DW060-OZATP