How can I get the best exchange rate between the US dollar and the Central African CFA franc?
Since the CFA franc is pegged to the euro, it’s typically recommended that travelers from the US exchange their money into euros. You’ll get best cash exchange rate using euros in any of the former French colonies that now use the Central African CFA franc. In addition, the euro to CFA franc exchange rate is constant at 655.9 francs per euro, which makes it easy to compare different currency exchange providers.
Sending money to any of the countries using the Central African CFA franc can be done using an online money transfer company. Most of these service providers offer competitive exchange rates between USD and XAF, plus fast transaction times.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
CFA Franc BEAC
The CFA franc BEAC (Banque des Etats de l’Afrique Centrale) is the currency for the central African countries of Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. The CFA franc BEAC was introduced to five French colonies in 1945, replacing the French Equatorial African franc.
What affects exchange rates between the US dollar and the Central African CFA franc?
Because of the peg between the CFA franc and the euro, the exchange rate between the US dollar and the CFA franc follows the exchange rate between the US dollar and the euro.
The euro currency is managed by the European Central Bank traded freely on the global foreign exchange market. Economic growth in both the US and the EU, as well as interest rates in both countries can greatly impact exchange rates between the two currencies —and therefore the rate between the dollar and the CFA franc.
As of 2018, the countries that use the Central African CFA franc are:
Central African Republic
Republic of the Congo
Did you know?
There’s another group of countries further west in Africa that uses another version of the CFA franc known as the West African CFA franc. These are separate currencies, although they’re of equal value.
Send money from USD to XAF
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
How does the Central African CFA franc trade against the US dollar historically?
The CFA franc is pegged to the euro at 655.9 francs per euro, a rate that’s remained the same since a devaluation in 1994.
The overall trend over the past 10 years has seen the CFA franc gradually weaken compared to the US dollar. The highest value in those 10 years was seen during the Financial Crisis in 2008 when you’d need only about 400 francs to get 1 US dollar. Later that year, the US economy started to recover and the value of the franc plunged to a rate of about 520 francs per dollar.
The value of the CFA franc remained at about the same level until late 2014, when it started to lose value compared to the US dollar. By 2015, the exchange rate had stabilized to a level of about 580 CFA francs for each US dollar.
US Dollar to the CFA Franc BEAC for the last 10 days
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US Dollar to the CFA Franc BEAC for the last 10 months
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US Dollar to the CFA Franc BEAC for the last 10 years
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Market rate for common transfer amounts USD to XAF
Adrienne Fuller is the head of publishing at Finder. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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