West African CFA franc facts for kids

Quick facts for kids West African CFA franc
Current coins of the West African CFA franc
ISO 4217 Code	XOF
User(s)	Benin  Burkina Faso  Côte d'Ivoire  Guinea-Bissau  Mali  Niger  Senegal  Togo
Pegged with	Euro (€) = CFA 655.957
Subunit
1⁄100	centime theoretical (unused)
Symbol	F.CFA
centime	c
Nickname	céfa, franc
Coins	1, 5, 10, 25, 50, 100, 200, 250, 500 francs
Banknotes	500, 1,000, 2,000, 5,000, 10,000 francs

Usage of:
     West African CFA franc
     Central African CFA franc

The West African CFA franc (also called French: franc CFA or just franc) is the money used in eight countries in West Africa. These countries are Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. They are all part of a group called the West African Economic and Monetary Union.

The letters CFA stand for Communauté Financière Africaine, which means 'African Financial Community'. The money is printed by the Central Bank of West African States (BCEAO). This bank is located in Dakar, Senegal. Even though the franc is supposed to be divided into 100 centimes, no coins or banknotes for centimes have ever been made.

There is another currency called the Central African CFA franc. It has the same value as the West African CFA franc. It is used in several countries in Central Africa. Both are often simply called the CFA franc.

In 2019, it was announced that the West African CFA franc would change. It will be renamed the eco. France will also have less of a role in this currency. A larger group of West African countries, called ECOWAS, plans to use the eco as their common money by 2027.

History of the West African CFA Franc

The CFA franc was first used in French colonies in West Africa in 1945. It replaced the old French West African franc. Countries like Ivory Coast, Dahomey, and French Sudan started using it.

When these colonies became independent, most kept using the CFA franc. However, Mali (which used to be French Sudan) started using its own money in 1961. Later, in 1973, Mauritania also switched to its own currency.

In 1984, Mali decided to use the CFA franc again. Then, in 1997, Guinea-Bissau (which was a Portuguese colony) also adopted the CFA franc.

The CFA franc was first linked to the French franc. This meant its value was set against the French franc. In 1994, its value was cut in half. Since 1999, the CFA franc has been linked to the euro. One euro is worth 655.957 West African CFA francs.

Coins of the West African CFA Franc

The first coins for the CFA franc came out in 1948. These were 1 and 2 franc coins made of aluminum. Later, in 1956, 5, 10, and 25 franc coins were added. They were made of aluminum-bronze.

From 1959 onwards, the Central Bank of West African States (BCEAO) started making all the coins. The coins no longer showed "République française" (French Republic). Instead, they showed the bank's name. Many coins featured a gazelle or a tribal mask, which became a symbol for the money union.

New coins were introduced over the years. In 1967, 100 franc coins made of nickel-steel were added. In 1972, 50 franc coins made of copper-nickel came out. Smaller 1 franc coins were made from 1976 to 1995.

The 10 and 25 franc coins got new designs in 1980. The 10 franc coin showed a family using a water pump. The 25 franc coin showed a young woman with chemistry tools. In 1992, a 250 franc coin was introduced. It was made of two different metals. These coins were not very popular and were stopped after 1996, but you can still use them.

In 2003, new 200 and 500 franc coins were made. These also used two different metals. They replaced the smaller paper notes of the same value. All West African CFA franc coins show a special mask symbol.

Unlike some coins from Central Africa, these coins do not show the names of individual countries. Each coin has a mint mark and an engraver's mark. These marks show where and by whom the coin was made.

Banknotes of the West African CFA Franc

When the CFA franc was first introduced, banknotes were available in several values. These included 5, 10, 25, 50, 100, and 1,000 francs. Later, 500 franc notes were added in 1946. In 1948, 5,000 franc notes also became available.

Since 1959, the Central Bank of West African States (BCEAO) has been in charge of printing paper money. Most of these banknotes have a special letter. This letter tells you which country the banknote was issued in.

Here are the country codes:

• A –  Côte d'Ivoire
• B –  Benin
• C –  Burkina Faso
• D –  Mali
• H –  Niger
• K –  Senegal
• S –  Guinea-Bissau
• T –  Togo

These codes help track how money moves between the CFA franc countries. They also help send banknotes back to their original country.

Some smaller value notes were stopped over time. The 50-franc notes were last made in 1959. The 100-franc notes stopped being issued in 1965. Higher value notes were introduced, like the 10,000 franc notes in 1977.

In 2004, a new set of banknotes was released. These included 1,000, 2,000, 5,000, and 10,000 franc notes. The 500 franc note was replaced by a coin the year before. The new notes have better security features. They also have a more modern design. People liked the change because the old notes were seen as dirty. The 5,000-franc note also changed color from blue to green. In 2012, a new 500-franc banknote was issued again.

See Also

• Central African CFA franc
• Economic Community of West African States (ECOWAS)
• Eco (currency)
• Monetary union