West African CFA franc
Traveling Light@travelinglight
6 months ago
The official currency of Togo is the West African CFA franc, abbreviated as XOF. It is used by several countries in West Africa and is regulated by the Central Bank of West African States (BCEAO).
Key Facts about the West African CFA Franc (XOF):
Currency Symbol: The symbol for the West African CFA franc is CFA or sometimes Fr.
Countries Using the XOF: Apart from Togo, other countries that use the West African CFA franc include Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, and Senegal. These countries form the West African Economic and Monetary Union (WAEMU).
Exchange Rate Peg: The West African CFA franc is pegged to the euro at a fixed exchange rate. The exchange rate is set at 1 euro = 655.957 CFA francs, providing stability to the currency across the region.
Banknotes and Coins: CFA franc banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 francs, while coins come in values of 1, 5, 10, 25, 50, 100, and 500 francs.
History: The CFA franc was introduced in 1945 as part of the French colonial empire. Even after the countries gained independence, they continued using the CFA franc due to its stability and the economic ties with France.
The West African CFA franc is widely accepted in Togo for all transactions. Since it is part of a currency union, travel and trade between member states using the XOF are simplified, as there is no need to exchange currencies.
Photo: @akosuashirly
📍Lomé, Togo
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