West African CFA franc
3 years ago
The West African CFA franc is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Sénégal and Togo. These eight countries have a combined population of 105.7 million people, and a combined GDP of US$78.4 billion.
The acronym CFA stands for Communauté Financière d’Afrique or Communauté Financière Africaine. The currency is issued by the BCEAO, located in Dakar, Senegal, for the members of the UEMOA. The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
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