CFA franc
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The CFA franc is a currency used by 14 African countries, split into two versions based on their geographic and political ties. It matters because it serves as the official money for millions of people across West and Central Africa, affecting their daily commerce and economic dealings.
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Usage of: West African CFA franc (XOF) Central African CFA franc (XAF) CFA franc (French: franc CFA, [fʁɑ̃ seɛfɑ]) is the name of two currencies used by 227 million people (as of 2026) in fourteen African countries: the West African CFA franc (where "CFA" stands for Communauté Financière Africaine, i.e. "African Financial Community" in English), used in eight West African countries, and the Central African CFA franc (where "CFA" stands for Coopération Financière en Afrique centrale, i.e. "Financial Cooperation in Central Africa" in English), used in six Central African countries. The ISO currency codes 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 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. This requirement remains unchanged for the Central African CFA franc, which wasn't reformed in 2019.