History
The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The West African colonies and territories using the CFA franc were Côte d'Ivoire, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. The currency continued in use when these colonies gained their independence, except in Mali (formerly French Sudan), which replaced at par the CFA franc with its own franc in 1961. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs. The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, replacing the Guinea Bissau peso at a rate of 1 CFA franc = 65 pesos.
Read more about this topic: West African CFA Franc
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