West African CFA Franc

The currency of the West African Monetary Zone is the West African CFA franc. The CFA franc was introduced in 1945, replacing the French West African franc. The CFA franc is pegged to the euro at a rate of 1 euro = 655.957 CFA francs. The CFA franc is used in 14 countries: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon and Congo. In 2014, the CFA franc was devalued in relation to the euro, with 1 euro now worth 656 CFA francs. This was done in order to boost the competitiveness of the CFA franc zone's exports. The West African CFA franc is not to be confused with the Central African CFA franc, which is used in six other African countries.