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The West African CFA franc is sometimes also called the CFA franc BCEAO. CFA is a French acronym for the Financial Community of Africa, and BCEAO refers to the Central Bank of West African States, which is the issuer of the currency.
US Dollar to CFA Franc BCEAO Exchange Rate
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How can I get the best exchange rate between the US dollar and the West African CFA franc?
Just like the Central African CFA franc, the West African CFA franc is pegged to the euro at a fixed rate, making exchanges between the euro and the West African CFA franc easy and predictable. But, making an exchange with US dollars is slightly more complicated as rates fluctuate following the exchange rate between the dollar and euro. Because of this, some travelers recommend exchanging dollars into euros first and then exchanging euros for CFA francs when you reach your destination.
When it comes to money transfers to any of the countries that use the West African CFA franc, online money transfer services are your best option. When sending money, be aware of exchange rates, service fees and transaction times.
US Dollar
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 BCEAO
The CFA franc BCEAO is used by the eight independent states in West Africa: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. It replaced the French franc in 1945.
What affects exchange rates between the US dollar and the West African CFA franc?
The exchange rate of the West African CFA franc follows the euro, so we need to understand what drives the exchange rate between the dollar and the euro. These two currencies are the two most traded currencies in the world today, with billions of dollars’ worth of currency changing hands every day.
Interest rates and economic growth in the EU have a big impact on the value of the euro against the dollar. Political problems within the EU can negatively affect the exchange rate — events like the UK leaving the EU, also known as Brexit — causing the euro to drop in value compared to the US dollar. With the CFA franc being pegged to the euro, similar events to Brexit can have an impact on the exchange rate between the CFA franc and the dollar.
The countries currently using the West African CFA franc are:
- Ivory Coast (Côte d’Ivoire)
- Senegal
- Burkina Faso
- Mali
- Niger
- Togo
- Benin
- Bissao Guinea
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How does the West African CFA franc trade against the US dollar historically?
Since the West African CFA franc is pegged to the euro at a rate of 655.9 francs per euro, fluctuations in the exchange rate between the CFA franc and US dollar are the same as the euro and the US dollar.
Overall, the CFA franc has been weakening compared to the US dollar over the past decade. The currency had its strongest moment compared to the US dollar in 2008, when the dollar weakened as a result of the financial crisis — you’d only need about 400 francs to buy 1 US dollar. However, the number rose to about 520 francs per dollar by the end of the year.
Since 2014, there hasn’t been any major movements in the exchange rate between UDS and XOF.
US Dollar to the CFA Franc BCEAO for the last 10 days
| Oct 11 | Oct 12 | Oct 13 | Oct 14 | Oct 15 | Oct 16 | Oct 17 | Oct 18 | Oct 19 | Oct 20 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 594.2183 Inverse: 0.0017 | 594.4217 Inverse: 0.0017 | 594.8008 Inverse: 0.0017 | 594.9193 Inverse: 0.0017 | 594.5140 Inverse: 0.0017 | 592.3263 Inverse: 0.0017 | 589.6349 Inverse: 0.0017 | 587.2542 Inverse: 0.0017 | 587.2542 Inverse: 0.0017 | 587.9068 Inverse: 0.0017 |
US Dollar to the CFA Franc BCEAO for the last 10 months
| Dec 2018 | Jan 2019 | Feb 2019 | Mar 2019 | Apr 2019 | May 2019 | Jun 2019 | Jul 2019 | Aug 2019 | Sep 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 572.5582 Inverse: 0.0017 | 577.1577 Inverse: 0.0017 | 578.1214 Inverse: 0.0017 | 580.1592 Inverse: 0.0017 | 584.4392 Inverse: 0.0017 | 585.3891 Inverse: 0.0017 | 575.4386 Inverse: 0.0017 | 588.5731 Inverse: 0.0017 | 588.6470 Inverse: 0.0017 | 598.9736 Inverse: 0.0017 |
US Dollar to the CFA Franc BCEAO for the last 10 years
| Oct 2009 | Oct 2010 | Oct 2011 | Oct 2012 | Oct 2013 | Oct 2014 | Oct 2015 | Oct 2016 | Oct 2017 | Oct 2018 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 438.9009 Inverse: 0.0023 | 472.9446 Inverse: 0.0021 | 475.9451 Inverse: 0.0021 | 502.6813 Inverse: 0.0020 | 479.3015 Inverse: 0.0021 | 513.3088 Inverse: 0.0019 | 580.8852 Inverse: 0.0017 | 599.4997 Inverse: 0.0017 | 556.1512 Inverse: 0.0018 | 572.6836 Inverse: 0.0017 |
Market rate for common transfer amounts USD to XOF
| US Dollars (USD) | CFA Franc BCEAO (XOF) |
|---|---|
| $1 | 0 |
| $100 | 0 |
| $500 | 0 |
| $1000 | 0 |
| $1500 | 0 |
| $2500 | 0 |
| $5000 | 0 |
Exchange rates from USD to other currencies
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