African CFA Franc
About African CFA Franc
Used by 14 African countries in two currency unions, West African CFA franc (8 countries) and Central African CFA franc (6 countries). CFA originally stood for Colonies Francaises dAfrique, now Communaute Financiere Africaine and Cooperation Financiere en Afrique Centrale. Both CFAs are pegged to the euro at 655.957 to 1. The CFA franc was created in 1945 to protect French African colonies from the weak French franc. The peg to the euro provides stability but has been criticized for hindering exports.
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