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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.
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
CFA Franc BCEAO
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:
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.
| Oct 15 | Oct 16 | Oct 17 | Oct 18 | Oct 19 | Oct 20 | Oct 21 | Oct 22 | Oct 23 | Oct 24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 560.2879 Inverse: 0.0018 | 559.8593 Inverse: 0.0018 | 559.9293 Inverse: 0.0018 | 559.8404 Inverse: 0.0018 | 557.3861 Inverse: 0.0018 | 554.5329 Inverse: 0.0018 | 553.4802 Inverse: 0.0018 | 555.2045 Inverse: 0.0018 | 552.9669 Inverse: 0.0018 | 552.9669 Inverse: 0.0018 |
| Dec 2019 | Jan 2020 | Feb 2020 | Mar 2020 | Apr 2020 | May 2020 | Jun 2020 | Jul 2020 | Aug 2020 | Sep 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 590.8857 Inverse: 0.0017 | 594.9508 Inverse: 0.0017 | 604.6077 Inverse: 0.0017 | 602.4061 Inverse: 0.0017 | 605.9650 Inverse: 0.0017 | 601.3513 Inverse: 0.0017 | 579.8438 Inverse: 0.0017 | 565.6996 Inverse: 0.0018 | 556.1315 Inverse: 0.0018 | 557.6443 Inverse: 0.0018 |
| Oct 2010 | Oct 2011 | Oct 2012 | Oct 2013 | Oct 2014 | Oct 2015 | Oct 2016 | Oct 2017 | Oct 2018 | Oct 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 471.0272 Inverse: 0.0021 | 471.7233 Inverse: 0.0021 | 506.4453 Inverse: 0.0020 | 475.3212 Inverse: 0.0021 | 517.5671 Inverse: 0.0019 | 595.2359 Inverse: 0.0017 | 604.6298 Inverse: 0.0017 | 557.7832 Inverse: 0.0018 | 575.4567 Inverse: 0.0017 | 590.7419 Inverse: 0.0017 |
| US Dollars (USD) | CFA Franc BCEAO (XOF) |
|---|---|
| $1 | 0 |
| $100 | 0 |
| $500 | 0 |
| $1000 | 0 |
| $1500 | 0 |
| $2500 | 0 |
| $5000 | 0 |
