The West African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. They are both the CFA franc.
Read more about West African CFA Franc: History, Coins, Banknotes, Future Proposals, See Also
Famous quotes containing the words west and/or african:
“All good biography, as all good fiction, comes down to the study of original sin, of our inherent disposition to choose death when we ought to choose life.”
—Rebecca West (1892–1983)
“The treatment of African and African American culture in our education was no different from their treatment in Tarzan movies.”
—Ishmael Reed (b. 1938)