West African CFA Franc

Overview

Economy

• West African Economic and Monetary Union (WAEMU) is a member of AU, WAEMU, ECOWAS, OIC.
• Main industries include: Agriculture, Mining, Manufacturing, Services, Telecommunications.
• West African Economic and Monetary Union (WAEMU) is part of the World Trade Organization.
• Imports are machinery, equipment, petroleum products, cereals, textiles.
• Major exports include cocoa, coffee, cotton, gold, uranium, phosphates, fish.
• GDP: $194.2 billion (2023 est., combined WAEMU).
• GDP per capita: $1,547 (2023 est., WAEMU average).
• Unemployment rate: 4.6% (2020 est., WAEMU average).
• Inflation rate: 3.8% (2023 est., WAEMU average).
• Main trading partners: European Union, China, India, Nigeria, United States.
• Trade agreements: EU Economic Partnership Agreement, African Continental Free Trade Area.

History

• Previous currencies used: French franc, Various colonial currencies.
• The CFA franc was introduced in 1945 for French West Africa. After independence, the countries maintained the monetary union with modifications to reduce French control.
• 1945: CFA franc introduced in French West Africa
• 1959: West African monetary union formalized
• 1960s: Independence of member countries
• 1999: Peg switched from French franc to euro
• 2019: ECO currency announcement (not yet implemented)
• Exchange rate peg: EUR (1999-present) at 655.957 XOF = 1 EUR.
• Exchange rate peg: FRF (1945-1999).
• Currently pegged to EUR at 655.957 XOF = 1 EUR.

General Information

• ISO 4217 Code: XOF
• Symbols: XOF/Fr
• Currency Subunits: 100 centimes
• Central Bank: Central Bank of West African States (BCEAO)
• Monetary Policy: Currency board system maintaining EUR peg. Common monetary policy across eight member countries with focus on regional economic integration.
• Bills: 500 XOF, 1000 XOF, 2000 XOF, 5000 XOF, 10000 XOF
• Coins: 1 franc, 5 francs, 10 francs, 25 francs, 50 francs, 100 francs, 200 francs, 250 francs, 500 francs
• USD Exchange Rate: Variable (approximately 600-620 XOF per USD)
• Pegged To: EUR at 655.957 XOF = 1 EUR
• Capital: Dakar (BCEAO headquarters)
• Population: 125.6 million (2023 est., WAEMU total)
• Area: 3,505,375 km² (WAEMU total)
• Languages: French (official), Arabic, Various local languages
• Time Zones: UTC+0 (Greenwich Mean Time)
• Government Type: Monetary union of sovereign republics
• Head of Government: BCEAO Governor, individual country presidents
• Independence: 1960s (individual countries)
• Ethnic Groups: Various African ethnic groups by country
• Religions: Islam 60%, Christianity 25%, Traditional beliefs 15%
• Literacy Rate: 51.2% (regional average)
• Transport: Regional airports, road networks, railways, ports (Dakar, Abidjan, Cotonou)
• Communications: Expanding telecommunications, 35% internet penetration (regional average)
• Energy: Fossil fuels 65%, Hydroelectric 25%, Other renewables 10%
• Countries Using This Currency: West African Economic and Monetary Union (WAEMU)
• Data Sources: Central Bank: Central Bank of West African States (bceao.int), Economic Data: WAEMU Commission, World Bank, IMF, Trade Data: Individual country customs services, Demographic Data: National statistical offices, Geographic Data: Regional meteorological services, Historical Data: BCEAO archives
• Last Updated: 2025