CFA franc

Or C.F.A. franc

noun

1. a monetary unit used by several countries in West Africa, including Benin, Ivory Coast, Niger, Senegal, Togo, and Burkina Faso.

Word History and Origins

Origin of CFA franc¹

Abbreviation of Communauté financière africaine African Financial Community

Example Sentences

Senegal's president-elect says he will drop the much-criticised CFA franc currency, which is pegged to the euro and backed by former colonial power France.

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Mr Faye also wants Senegal to stop using the CFA franc - the West African single currency that is pegged to the euro, with the financial backing of the French treasury, and which is regarded by his supporters as a relic of the colonial era.

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The former tax collector wants a withdrawal from the CFA franc - the regional currency used by 14 African countries, which is pegged to the euro under a French government guarantee.

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These persist notably with the CFA franc currencies, that are tethered to the French treasury, and via cultivating close bonds with ruling elites.

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“Françafrique is characterized by institutions still in place — French troops still in Africa; the CFA franc currency; and a French paternalistic culture that must be changed, including at the summit of the French state.”

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