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West African CFA franc

From Wikipedia
West African CFA franc
currency, franc
Central bank/issuerCentral Bank of West African States Edit
Dey replaceFrench 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 anaa dem simply dey bell am franc, ISO 4217 code: XOF; abbreviation: F.CFA) ebe currency wey eight independent states dey use 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 get 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 for Communauté Financière Africaine (transl. African Financial Community).[2] De Central Bank of West African States (BCEAO; Banque Centrale des États de l'Afrique de l'Ouest) wey dey issue de currency, dey locate insyd Dakar, Senegal, give de members of de UEMOA. Dem nominally subdivide de franc into 100 centimes buh na dem never ever issue coins anaa banknotes denominated insyd centimes. Na dem carry out de production of CFA franc notes for Chamalières by de Bank of France since ein creation insyd 1945.

De Central African CFA franc be of equal value to de West African CFA franc, wey e dey in circulation insyd chaw central African states. Dem both be commonly referred to as de CFA franc.

Insyd December 2019 na dem announce dat dem go reform de West African CFA franc, wich go include dem go rename am de eco wey e go reduce France ein role insyd de currency.[3][4] De broader Economic Community of West African States (ECOWAS), of wich de members of UEMOA sanso be members, plan make e introduce ein own common currency give ein member states for wich na dem formally adopt de name eco.[5][6] Na dem set de fifth target launch date for July 2027.[7]

References

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  1. Population Reference Bureau. "2014 World Population Data Sheet" (PDF).
  2. "Présentation" (in French). Central Bank of West African States. Archived from the original on 2013-10-05. Retrieved July 14, 2012.
  3. "West Africa renames CFA franc but keeps it pegged to euro". Reuters. 2019-12-21. Retrieved 2019-12-22.
  4. "West Africa's new currency, the Eco: Rebrand or fresh start?". Deutsche Welle. 2019-12-23. Retrieved 2020-02-20.
  5. "West Africa: ECOWAS Heads of State Name Single Currency ECO". AllAfrica.
  6. "West Africa regional bloc adopts new plans to launch ECO single currency in 2027". REUTERS.
  7. "French grip muddles Ecowas single currency bid. What's next?". The East African. 12 March 2025. Retrieved 22 March 2025.
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