What the CFA Franc is about: A quick summary
The CFA Franc is the name of the currency used by the economies of 14 African countries. Derived from the French phrase "Communauté Financière Africaine" (African Financial Community), the CFA Franc is a currency system that has been influential in shaping the economies of several African countries. In this article, we will explore what the CFA Franc is, the countries that use it, and the benefits that France derives from its usage. What is the CFA Franc? The CFA Franc is a currency that is used by 14 countries in West and Central Africa. These countries include Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon. The currency system was established in 1945, following the end of World War II, and has undergone various modifications over the years. CFA Franc 2 variants: There are two variants of the CFA Franc: the West African CFA Franc (XOF) and the Central ...