Francs Around the World ( Part 2) Quiz

Answer:

In 2026, the CFA franc was used by fourteen African countries. This currency was created in 1945 during the colonial period by France, and its name originally meant "Colonies Françaises d'Afrique," or French colonies of Africa. Many countries decided to keep using it after independence because it helps maintain economic stability and supports trade in the region.

The CFA franc is divided into two groups. The West African CFA franc (XOF) is used by Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo, while the Central African CFA franc (XAF) is used by Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, and Gabon. Each group has its own central bank, the BCEAO in West Africa and the BEAC in Central Africa. The two currencies have the same value, but their banknotes and coins are different and cannot be used in the other zone.

Some African countries have never used the CFA franc. For example, Uganda, Kenya, and Tanzania use the shilling, Sudan uses the pound, South Africa uses the rand, and Ethiopia uses the birr.

The CFA franc is fixed to the euro, with one euro equal to 655.957 CFA francs. There are ongoing discussions about a potential new currency called the Eco. Regardless of these plans, the CFA franc continues to be the official currency used for trade and daily life in these region.