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[[Image:CFA Franc map.svg|thumb|450px|Usage of: <br />{{Color box|#008800|border=silver}} [[West African CFA franc]] (XOF) <br />{{Color box|#ff0000|border=silver}} [[Central African CFA franc]] (XAF)]]
[[Image:CFA Franc map.svg|thumb|450px|Usage of: <br />{{Color box|#008800|border=silver}} [[West African CFA franc]] (XOF) <br />{{Color box|#ff0000|border=silver}} [[Central African CFA franc]] (XAF)]]
'''CFA franc''' ({{langx|fr|franc CFA}}, {{IPA|fr|fʁɑ̃ seɛfɑ|}}) is the name of two [[currency|currencies]] used by 210 million people (as of 2023) in fourteen African countries: the [[West African CFA franc]] (where "CFA" stands for {{lang|fr|Communauté Financière Africaine}}, i.e. "African Financial Community" in English), used in eight [[West Africa]]n [[countries]], and the [[Central African CFA franc]] (where "CFA" stands for {{lang|fr|Coopération Financière en Afrique centrale}}, i.e. "Financial Cooperation in Central Africa" in English), used in six [[Central Africa]]n countries.<ref name="2020_nzaou_kongo">{{cite journal |last1=Nzaou-Kongo |first1=Aubin |title=International Law and Monetary Sovereignty. The Current Problems of the International Mastery of the CFA Franc and the Crisis of Sovereign Equality. |journal=African Review of Law and Critical Thinking |date=2020 |volume=1 |issue=1 |pages=25–61 |doi=10.6084/m9.figshare.12808835.v3 |url=https://zenodo.org/record/4076300 |access-date=5 December 2020}}</ref> The [[ISO 4217|ISO currency code]]s are '''XOF''' for the [[West African CFA franc]] and '''XAF''' for the [[Central African CFA franc]]. Although the two currencies are commonly called ''CFA franc'' and (currently) have the same value, they are not interchangeable. It is therefore not a common monetary zone but two juxtaposed zones.
'''CFA franc''' ({{langx|fr|franc CFA}}, {{IPA|fr|fʁɑ̃ seɛfɑ|}}) is the name of two [[currency|currencies]] used by 227 million people (as of 2026) in fourteen African countries: the [[West African CFA franc]] (where "CFA" stands for {{lang|fr|Communauté Financière Africaine}}, i.e. "African Financial Community" in English), used in eight [[West Africa]]n [[countries]], and the [[Central African CFA franc]] (where "CFA" stands for {{lang|fr|Coopération Financière en Afrique centrale}}, i.e. "Financial Cooperation in Central Africa" in English), used in six [[Central Africa]]n countries.<ref name="2020_nzaou_kongo">{{cite journal |last1=Nzaou-Kongo |first1=Aubin |title=International Law and Monetary Sovereignty. The Current Problems of the International Mastery of the CFA Franc and the Crisis of Sovereign Equality. |journal=African Review of Law and Critical Thinking |date=2020 |volume=1 |issue=1 |pages=25–61 |doi=10.6084/m9.figshare.12808835.v3 |url=https://zenodo.org/record/4076300 |access-date=5 December 2020}}</ref> The [[ISO 4217|ISO currency code]]s are '''XOF''' for the [[West African CFA franc]] and '''XAF''' for the [[Central African CFA franc]]. Although the two currencies are commonly called ''CFA franc'' and (currently) have the same value, they are not interchangeable. It is therefore not a common monetary zone but two juxtaposed zones.


Both CFA francs have a [[fixed exchange rate]] (peg) to the [[euro]] guaranteed by France: €1 = F.CFA&nbsp;655.957 exactly. To ensure this convertibility guarantee, member countries were required to deposit half of their foreign exchange reserves with the French Treasury, but this requirement was dropped in 2019 (effective in 2021) for the West African CFA franc.<ref name="AS">"A strong currency like the CFA franc makes exports from the CFA-franc zone much more costly than they would ordinarily be and as a result economic growth suffers accordingly. Since most of the countries that use the currency are poor, mostly agricultural economies, this has put a stranglehold on their trade and made them overly dependent upon continuing, privileged access to French and, though them, European markets. That this effectively recreates a quasi-colonial trading relationship between France and its former African colonies that benefits France mightily has not been lost on observers. - See more at: http://afkinsider.com/41946/forex-africa-african-euro/#sthash.bAiuUVxB.dpuf", FOREX Africa: The CFA Franc aka The African Euro, By Jeffrey Cavanaugh AFKI Original Published: 12 February 2014, 02:11pm, http://afkinsider.com/41946/forex-africa-african-euro/#sthash.bAiuUVxB.dpuf</ref> This requirement remains unchanged for the Central African CFA franc, which wasn't reformed in 2019 (the reform concerned only the West African CFA franc). These currencies have been criticized for restricting the sovereignty of the African member states, effectively putting their monetary policy in the hands of the [[European Central Bank]]. Others argue that countries using CFA franc are all equal and that CFA franc "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries".<ref>https://www.lemonde.fr/les-decodeurs/article/2017/02/22/confusions-autour-d-un-impot-colonial-et-du-franc-cfa_5083833_4355770.html {{Bare URL inline|date=July 2025}}</ref><ref>https://www.lemonde.fr/en/les-decodeurs/article/2022/11/26/giorgia-meloni-s-exaggerations-about-france-s-colonial-currency_6005693_8.html {{Bare URL inline|date=July 2025}}</ref><ref>https://www.bbc.com/news/63708313.amp {{Bare URL inline|date=July 2025}}</ref><ref name="EI">Economic Integration and Development in Africa, Henry Kyambalesa, Mathurin C. Houngnikpo, p. 88</ref>
Both CFA francs have a [[fixed exchange rate]] (peg) to the [[euro]] guaranteed by France: €1 = F.CFA&nbsp;655.957 exactly. To ensure this convertibility guarantee, member countries were required to deposit half of their foreign exchange reserves with the French Treasury, but this requirement was dropped in 2019 (effective in 2021) for the West African CFA franc.<ref name="AS">"A strong currency like the CFA franc makes exports from the CFA-franc zone much more costly than they would ordinarily be and as a result economic growth suffers accordingly. Since most of the countries that use the currency are poor, mostly agricultural economies, this has put a stranglehold on their trade and made them overly dependent upon continuing, privileged access to French and, though them, European markets. That this effectively recreates a quasi-colonial trading relationship between France and its former African colonies that benefits France mightily has not been lost on observers. See {{cite web| url=http://afkinsider.com/41946/forex-africa-african-euro/#sthash.bAiuUVxB.dpuf |title=FOREX Africa: The CFA Franc aka The African Euro |first=Jeffrey |last=Cavanaugh |website=AFKI Original |date=12 February 2014}}</ref> This requirement remains unchanged for the Central African CFA franc, which wasn't reformed in 2019.  


On 22 December 2019, it was announced that the West African currency would be reformed and replaced by an independent currency to be called [[Eco (currency)|Eco]].<ref>{{cite web|url=https://af.reuters.com/article/investingNews/idAFKBN1YQ0BN-OZABS|archive-url=https://web.archive.org/web/20191222193703/https://af.reuters.com/article/investingNews/idAFKBN1YQ0BN-OZABS|url-status=dead|archive-date=22 December 2019|title=West Africa renames CFA franc but keeps it pegged to euro|publisher=Reuters|access-date=22 December 2019}}</ref> In May 2020, the [[French National Assembly]] agreed to end the French engagement in the West African CFA franc, including the foreign reserve deposit requirements, thereby facilitating the transition to the Eco.<ref name="LA" /> Despite initial plans for a monetary union by late 2020, setbacks including the [[COVID-19 pandemic]], global geopolitical uncertainties, and failure to meet criteria resulted postponements,<ref>{{cite web|url=https://www.dw.com/en/west-africas-eco-currency-plan-remains-a-pipe-dream/a-58136111|title= West Africa's Eco currency remains an illusion |publisher=dw.com|date=2 September 2021|access-date=6 May 2024}}</ref><ref>{{cite web|url=https://www.policycenter.ma/sites/default/files/2021-10/PP-16-21-PINTO-2.pdf|title= From CFA to ECO: Opportunities and Challenges of Economic and Monetary Cooperation in West Africa|publisher=policycenter.ma|date=1 September 2021|access-date=6 May 2024}}</ref><ref>{{cite web|url=https://www.dw.com/en/west-africas-eco-currency-plan-remains-a-pipe-dream/a-58136111|title= Challenges to Single Currency Surmountable—Finance Minister Tells West African Leaders |publisher=mofep.gov.gh|date=18 September 2023|access-date=6 May 2024}}</ref><ref>{{cite web|url=https://www.brookings.edu/articles/is-west-africa-ready-for-a-single-currency/ |title=Is West Africa ready for a single currency? |publisher=Brookings|date=30 July 2021|access-date=6 May 2024}}</ref> with the fifth launch target date set for July 2027.<ref>{{cite web|url=https://www.theeastafrican.co.ke/tea/business-tech/how-french-grip-muddles-ecowas-single-currency-bid-4962004 |title=French grip muddles Ecowas single currency bid. What’s next? |publisher=The East African|date=12 March 2025|access-date=22 March 2025}}</ref>
These currencies have been criticized for restricting the sovereignty of the African member states, effectively putting their monetary policy in the hands of the [[European Central Bank]]. Others argue that countries using CFA franc are all equal and that CFA franc "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries".<ref>{{Cite web|url=https://www.lemonde.fr/les-decodeurs/article/2017/02/22/confusions-autour-d-un-impot-colonial-et-du-franc-cfa_5083833_4355770.html |title=Confusions autour d’un "impôt colonial" et du franc CFA |last=Auffret |first=Simon |date=22 February 2017 |website=[[Le Monde]] |language=fr}}</ref><ref>{{Cite web|url=https://www.lemonde.fr/en/les-decodeurs/article/2022/11/26/giorgia-meloni-s-exaggerations-about-france-s-colonial-currency_6005693_8.html|title=Giorgia Meloni's exaggerations about France's 'colonial currency' |last=Dagorn |first=Gary |date=26 November 2022 |website=Le Monde}}</ref><ref>{{Cite web|url=https://www.bbc.com/news/63708313|title=Fact-checking Giorgia Meloni's claim about France|date=23 November 2022|website=BBC News}}</ref><ref name="EI">{{Cite book |title=Economic Integration and Development in Africa |last1=Kyambalesa |first1=Henry |last2=Houngnikpo |first2=Mathurin C. |page=88}}</ref>
 
On 22 December 2019, it was announced that the West African currency would be reformed and replaced by an independent currency to be called [[Eco (currency)|Eco]].<ref>{{cite web|url=https://af.reuters.com/article/investingNews/idAFKBN1YQ0BN-OZABS|archive-url=https://web.archive.org/web/20191222193703/https://af.reuters.com/article/investingNews/idAFKBN1YQ0BN-OZABS|url-status=dead|archive-date=22 December 2019|title=West Africa renames CFA franc but keeps it pegged to euro|publisher=Reuters|access-date=22 December 2019}}</ref> In May 2020, the [[French National Assembly]] agreed to end the French engagement in the West African CFA franc, including the foreign reserve deposit requirements, thereby facilitating the transition to the Eco.<ref name="LA" /> Despite initial plans for a monetary union by late 2020, setbacks including the [[COVID-19 pandemic]], global geopolitical uncertainties, and failure to meet criteria resulted postponements,<ref>{{cite web|url=https://www.dw.com/en/west-africas-eco-currency-plan-remains-a-pipe-dream/a-58136111|title= West Africa's Eco currency remains an illusion |publisher=dw.com|date=2 September 2021|access-date=6 May 2024}}</ref><ref>{{cite web|url=https://www.policycenter.ma/sites/default/files/2021-10/PP-16-21-PINTO-2.pdf|title= From CFA to ECO: Opportunities and Challenges of Economic and Monetary Cooperation in West Africa|publisher=policycenter.ma|date=1 September 2021|access-date=6 May 2024}}</ref><ref>{{cite web|url=https://www.dw.com/en/west-africas-eco-currency-plan-remains-a-pipe-dream/a-58136111|title= Challenges to Single Currency Surmountable—Finance Minister Tells West African Leaders |publisher=mofep.gov.gh|date=18 September 2023|access-date=6 May 2024}}</ref><ref>{{cite web|url=https://www.brookings.edu/articles/is-west-africa-ready-for-a-single-currency/ |title=Is West Africa ready for a single currency? |publisher=Brookings|date=30 July 2021|access-date=6 May 2024}}</ref> with the fifth launch target date set for July 2027.<ref>{{cite web|url=https://www.theeastafrican.co.ke/tea/business-tech/how-french-grip-muddles-ecowas-single-currency-bid-4962004 |title=French grip muddles Ecowas single currency bid. What's next? |publisher=The East African|date=12 March 2025|access-date=22 March 2025}}</ref>


==Usage==
==Usage==
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=== Criticism in France ===
=== Criticism in France ===
The [[Yellow vests protests|yellow vest movement]] in France includes in its brochure the demand for the end of the CFA franc in Central and West Africa. The yellow vest movement, perceives the CFA franc as a tool of French imperialism and a catch-all on African economies.<ref>{{Cite news|url=https://www.france24.com/en/20190124-african-franc-faces-unlikely-foes-europes-fringes|title=African franc faces unlikely foes on Europe's fringes|date=2019-01-24|language=en-GB}}</ref>
The [[Yellow vests protests|yellow vest movement]] in France includes in its brochure the demand for the end of the CFA franc in Central and West Africa. The yellow vest movement, perceives the CFA franc as a tool of French imperialism and a catch-all on African economies.<ref>{{Cite news|url=https://www.france24.com/en/20190124-african-franc-faces-unlikely-foes-europes-fringes|title=African franc faces unlikely foes on Europe's fringes|date=2019-01-24|language=en-GB}}</ref>
=== Currency printed in France ===
=== Currency printed in France ===
The Banque de France is responsible for producing CFA franc notes and coins in its Chamalières factory, which is seen by some critics as a lack of sovereignty for African states.<ref>{{Cite news|url=https://africa.businessinsider.com/local/markets/african-countries-that-rely-on-france-to-print-their-currency/zzh9mbb|title=African countries that rely on France to print their currency |date=2025-02-12|language=en-GB}}</ref>
The Banque de France is responsible for producing CFA franc notes and coins in its Chamalières factory, which is seen by some critics as a lack of sovereignty for African states.<ref>{{Cite news|url=https://africa.businessinsider.com/local/markets/african-countries-that-rely-on-france-to-print-their-currency/zzh9mbb|title=African countries that rely on France to print their currency |date=2025-02-12|language=en-GB}}</ref>
=== Currency devaluation ===
=== Currency devaluation ===
The countries of the CFA franc zone are seen as the preserve of the former guardian power, France, which leads to situation that sometimes fuels rumors of a devaluation of the CFA franc.<ref>{{Cite news|url=https://www.jeuneafrique.com/1658380/economie-entreprises/la-devaluation-du-franc-cfa-un-scenario-impossible-a-exclure/|title=La dévaluation du franc CFA, un scénario impossible à exclure |date=2025-02-19|language=fr-FR}}</ref> The CFA franc is too strong a currency, overvalued by about 10%. Even if in the short term, the option of a devaluation seems to be excluded.<ref>{{Cite news|url=https://www.jeuneafrique.com/1660685/politique/ali-bongo-ondimba-franc-cfa-pablo-escobar-du-sahara-maitres-de-goma-et-bad-les-5-infos-quil-ne-fallait-pas-rater/|title=Ali Bongo Ondimba, franc CFA, « Pablo Escobar » du Sahara, maîtres de Goma et BAD : les 5 infos qu’il ne fallait pas rater |date=2025-02-22|language=fr-FR}}</ref>
The countries of the CFA franc zone are seen as the preserve of the former guardian power, France, which leads to situation that sometimes fuels rumors of a devaluation of the CFA franc.<ref>{{Cite news|url=https://www.jeuneafrique.com/1658380/economie-entreprises/la-devaluation-du-franc-cfa-un-scenario-impossible-a-exclure/|title=La dévaluation du franc CFA, un scénario impossible à exclure |date=2025-02-19|language=fr-FR}}</ref> The CFA franc is too strong a currency, overvalued by about 10%.{{whom|date=January 2026}} Even if in the short term, the option of a devaluation seems to be excluded.<ref>{{Cite news|url=https://www.jeuneafrique.com/1660685/politique/ali-bongo-ondimba-franc-cfa-pablo-escobar-du-sahara-maitres-de-goma-et-bad-les-5-infos-quil-ne-fallait-pas-rater/|title=Ali Bongo Ondimba, franc CFA, « Pablo Escobar » du Sahara, maîtres de Goma et BAD : les 5 infos qu'il ne fallait pas rater |date=2025-02-22|language=fr-FR}}</ref>
 
=== Symbolism ===
=== Symbolism ===
For some African economists, the debate on economic realities should be prioritized over the symbols of the CFA franc.<ref>{{Cite news|url=https://lenouveaureporter.com/franc-cfa-un-economiste-togolais-demonte-les-idees-recues/|title=Franc CFA : un économiste togolais démonte les idées reçues |date=2025-05-15|language=fr-FR}}</ref>
For some African economists, the debate on economic realities should be prioritized over the symbols of the CFA franc.<ref>{{Cite news|url=https://lenouveaureporter.com/franc-cfa-un-economiste-togolais-demonte-les-idees-recues/|title=Franc CFA : un économiste togolais démonte les idées reçues |date=2025-05-15|language=fr-FR}}</ref>


=== Right of veto ===
=== Right of veto ===
France retains a right of veto over the monetary policies of the states of the CFA Franc Zone of West Africa and Central Africa.<ref name="LA">{{Cite news|url=https://www.senenews.com/actualites/economie/lafrique-en-quete-de-souverainete-la-fin-du-franc-cfa-et-les-defis-de-la-monnaie-ecom_527202.html|title=L’Afrique en quête de souveraineté : La fin du franc CFA et les défis de la monnaie Ecom|date=2025-02-10|language=fr-FR}}</ref>
France retains a right of veto over the monetary policies of the states of the CFA Franc Zone of West Africa and Central Africa.<ref name="LA">{{Cite news|url=https://www.senenews.com/actualites/economie/lafrique-en-quete-de-souverainete-la-fin-du-franc-cfa-et-les-defis-de-la-monnaie-ecom_527202.html|title=L'Afrique en quête de souveraineté : La fin du franc CFA et les défis de la monnaie Ecom|date=2025-02-10|language=fr-FR}}</ref>
 
=== Stability ===
=== Stability ===
For supporters of the CFA Franc, the economic stability that the CFA Franc provides lies in monetary cooperation. The underdevelopment of the countries in the franc zone is attributed to factors independent of their monetary and exchange rate policies.<ref name="LSE">{{Cite news|url=https://blogs.lse.ac.uk/africaatlse/2017/07/12/the-cfa-franc-french-monetary-imperialism-in-africa/|title=The CFA Franc: French Monetary Imperialism in Africa|date=2017-07-12|language=en-EN}}</ref>
For supporters of the CFA Franc, the economic stability that the CFA Franc provides lies in monetary cooperation. The underdevelopment of the countries in the franc zone is attributed to factors independent of their monetary and exchange rate policies.<ref name="LSE">{{Cite news|url=https://blogs.lse.ac.uk/africaatlse/2017/07/12/the-cfa-franc-french-monetary-imperialism-in-africa/|title=The CFA Franc: French Monetary Imperialism in Africa|date=2017-07-12|language=en-EN}}</ref>
=== Profits of French companies ===
The actual flows of the CFA franc come mainly from Africa, with profits from African economies going to French companies.<ref name="Senego">{{Cite news|url=https://senego.com/moussa-diallo-economiste-le-franc-cfa-freine-le-developpement-il-est-temps-de-creer-une-monnaie-souveraine_1835487.html|title=Moussa Diallo, économiste : « Le franc CFA freine le développement. Il est temps de créer une monnaie souveraine »|date=2025-05-09|language=fr-FR}}</ref>


=== Criticism and replacement in West Africa ===
=== Criticism and replacement in West Africa ===
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=== Debate on ending the Central African CFA ===
=== Debate on ending the Central African CFA ===


On April 25, 2023, the subject of the CFA franc was discussed at the ministerial meeting of the Economic and Monetary Community of Central Africa (CEMAC) and France. The French perceive the guarantee provided to the CFA franc, and the assurance of its convertibility, as a pillar of economic stability for the region. France remains “open” and “available” to CEMAC proposals to reform monetary cooperation in Central Africa, as has happened in West Africa.[https://rfi.fr/fr/afrique/20230425-ressources-financi%C3%A8res-et-franc-cfa-%C3%A0-paris-une-r%C3%A9union-minist%C3%A9rielle-cemac-france-aux-multiples-enjeux]
On April 25, 2023, the subject of the CFA franc was discussed at the ministerial meeting of the Economic and Monetary Community of Central Africa (CEMAC) and France. The French perceive the guarantee provided to the CFA franc, and the assurance of its convertibility, as a pillar of economic stability for the region. France remains “open” and “available” to CEMAC proposals to reform monetary cooperation in Central Africa, as has happened in West Africa.<ref>{{cite web |url=https://rfi.fr/fr/afrique/20230425-ressources-financi%C3%A8res-et-franc-cfa-%C3%A0-paris-une-r%C3%A9union-minist%C3%A9rielle-cemac-france-aux-multiples-enjeux |title=Ressources financières et franc CFA: à Paris, une réunion ministérielle Cemac-France aux multiples enjeux |date=2023-04-25 |website=[[Radio France Internationale]]}}</ref>
 
=== Activism against the CFA Franc ===
=== Activism against the CFA Franc ===
In May 2025, activists, economists and civil society representatives opposed to the use of the CFA franc will organize conferences and meetings across African capitals.<ref>{{cite web |url=https://leadership.ng/africa-demands-monetary-independence-as-activists-protest-against-cfa-franc-in-mali/ |title=Africa Demands Monetary Independence As Activists Protest Against CFA Franc In Mali |agency=leadership.nv |date=3 May 2025 |access-date=9 May 2025}}</ref>
In May 2025, activists, economists and civil society representatives opposed to the use of the CFA franc will organize conferences and meetings across African capitals.<ref>{{Cite news |url=https://leadership.ng/africa-demands-monetary-independence-as-activists-protest-against-cfa-franc-in-mali/ |title=Africa Demands Monetary Independence As Activists Protest Against CFA Franc In Mali |agency=leadership.nv |date=3 May 2025 |access-date=9 May 2025|newspaper=[[Leadership (newspaper)|Leadership]]}}</ref>


==Institutions==
==Institutions==
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{{DEFAULTSORT:Cfa Franc}}
{{DEFAULTSORT:Cfa Franc}}
[[Category:Economy of Benin]]
[[Category:Economy of Benin]]
[[Category:Economy of Burkina Faso]]
[[Category:Economy of Ivory Coast]]
[[Category:Economy of Niger]]
[[Category:Economy of Senegal]]
[[Category:Economy of the Central African Republic]]
[[Category:Economy of Chad]]
[[Category:Economy of Chad]]
[[Category:Economy of Gabon]]
[[Category:Economy of the Republic of the Congo]]
[[Category:Currencies introduced in 1945]]
[[Category:Currencies introduced in 1945]]
[[Category:Fixed exchange rate]]
[[Category:Fixed exchange rate]]
[[Category:French West Africa]]
[[Category:French West Africa]]
[[Category:Currencies of Guinea-Bissau]]
[[Category:Currencies of Cameroon]]
[[Category:Currencies of Cameroon]]
[[Category:Currencies of Equatorial Guinea]]
[[Category:Currencies of Mali]]
[[Category:Currencies of Togo]]
[[Category:Currencies pegged to the euro]]
[[Category:Currencies pegged to the euro]]
[[Category:Currencies of Africa]]
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