The West African CFA Franc (French: franc CFA or simply franc, abbreviation: F.CFA) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA; Union Économique et Monétaire Ouest Africaine): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
The acronym CFA stands for Communauté Financière Africaine ("African Financial Community"). The currency is issued by the Central Bank of West African States (BCEAO; Banque Centrale des États de l'Afrique de l'Ouest), located in Dakar, Senegal, for the members of the UEMOA. The franc is nominally subdivided into 100 centimes but no coins or banknotes denominated in centimes have ever been issued.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both commonly referred to as the CFA franc.
Circulating coins of the West African CFA Franc are issued with no indication of an issuing country (i.e. they are common issue of all countries of the union). However, from time to time some of the member countries issue their own separate coins which are not intended for circulation, but are collector or commemorative issues. Senegal first released such coins in 1968. |