|
The Eight independent states in West Africa who use the West African CFA franc are Benin¸ Burkina Faso¸ Côte d'Ivoire¸ Guinea-Bissau¸ Mali¸ Niger¸ Sénégal and Togo. Benin is one of these West African states following the currency system. The acronym for CFA is Communauté financière d'Afrique (Financial Community of Africa).
The bank that issues the currency in these West African countries is BCEAO (Banque Centrale des États de l'Afrique de l'Ouest¸ Central Bank of the West African States). It is located in Dakar in Senegal. The currency is issued in favor of the UEMOA (Union Économique et Monétaire Ouest Africaine¸ West African Economic and Monetary Union).
In Benin¸ 1 West African CFA franc can be subdivided to 100 centimes.
The ISO 4217 code for West African CFA Franc is XOF. However¸ no centimes denominations are in circulation in the coinage system in Benin.
Currency Exchange Rate to other World Famous Currencies like US¸ UK etc
As of March 1st¸ 2011¸ the currency exchange rates of West African CFA Franc to the currencies of US and UK are:
1.00 USD = 474.446 XOF
1.00 GBP = 773.667 XOF
However¸ the values are floating¸ and the exchange rates always tend to change according to the money market trends.
Official website details of West African CFA Franc
You can check the official website for West African CFA Franc at www.bceao.int to know more details about the currency.
| 
