West African CFA franc

The West African CFA franc (XOF) is just known in French as the Franc CFA, where CFA stands for Communauté financière d'Afrique ("Financial Community of Africa"). It is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, i.e. "Central Bank of the West African States"), located in Dakar, Sénégal, for the 8 countries of the UEMOA (Union Économique et Monétaire Ouest Africaine, i.e. "West African Economic and Monetary Union"):

Member countries

• Benin
• Burkina Faso
• Côte d'Ivoire
• Guinea-Bissau joined 1994.
• Mali withdrew 1961, rejoined 1984.
• Niger
• Sénégal
• Togo

Mauritania, a former French colony in West Africa, uses the Mauritanian ouguiya and not the CFA franc since 1973.

Ranking in the world

• Source: List of countries by population and IMF data from List of countries by GDP (PPP)

History

Main article: CFA franc

Coins

Banknotes

In 2004, the 1994 series of West African banknotes were switched for a new series. These new notes have updated security features, and are more modern in design. The switch has also been welcomed because of the perception that the old bills were dirty and disease-ridden (1). Despite this, there are fears that those living in rural regions will not hear of the changeover, and as a result, will lose their savings when the older series notes are demonetarized. As well, the color of the 5,000 CFA bill was changed from bluish to green, which could leave open the possibility of the illiterate being shortchanged when switching from the old to the new series.

Future proposals

The Anglophone states of Gambia, Ghana, Nigeria, and Sierra Leone, and the Francophone state of Guinea, have formed the West African Monetary Zone (WAMZ) and will introduce a common currency, the Eco, on 1 December 2009. Liberia is also set to join this monetary zone, and the ultimate goal is to unite the UEMOA and the WAMZ to form a single West African monetary zone.

See also

• Economy of Benin
• Economy of Burkina Faso
• Economy of Côte d'Ivoire
• Economy of Guinea-Bissau
• Economy of Mali
• Economy of Niger
• Economy of Senegal
• Economy of Togo

External links

• Don's World Coin Gallery - West African States
• Don's World Coin Gallery - Benin
• Don's World Coin Gallery - Burkina Faso
• Don's World Coin Gallery - Ivory Coast
• Don's World Coin Gallery - Niger
• Don's World Coin Gallery - Senegal
• Don's World Coin Gallery - Togo
• Ron Wise's World Paper Money - West African States ^{Mirror site}
• Ron Wise's World Paper Money - Ivory Coast ^{Mirror site}
• Ron Wise's World Paper Money - Senegal ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Benin ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Burkina Faso ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Côte d'Ivoire (Ivory Coast) ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Guinea-Bissau ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Mali ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Niger ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Senegal ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Togo ^{Mirror site}
• The Global History of Currencies - Benin
• The Global History of Currencies - Burkina Faso
• The Global History of Currencies - Côte d’Ivoire
• The Global History of Currencies - Guinea-Bissau
• The Global History of Currencies - Mali
• The Global History of Currencies - Niger
• The Global History of Currencies - Senegal
• The Global History of Currencies - Togo
• Global Financial Data currency histories table ( Microsoft Excel format)
• (French) Union Economique et Monétaire Ouest Africaine (UEMOA) (Official Site of the West African Economic and Monetary Union)
• "The Many Varieties of West African States Banknotes" by Weldon D. Burson

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