Burkina Faso is an average country economically that uses the West African franc as its currency. The currency is shared with eight other West African countries including Benin, Guinea-Bissau, Mali, Ivory Coast, Senegal, Niger, and Togo. While the USDXOF spot exchange rate is quoted and exchanged in the same day, the USDXOF forward rate is quoted today but for delivery and payment on a specific future date..
CFA BCEAO Francs, XOF is the national currency in Burkina Faso. While the USDXOF spot exchange rate is quoted and exchanged in the same day, the USDXOF forward rate is quoted today but for delivery and payment on a specific future date..
The Institut d’Emmision de l’Afrique Occidentale Françoise et du Togo initially issued the currency until its replacement by the central bank of West Africa in 1959. The countries are also members of the West African Monetary and Economic Union, a sub-regional bloc of ECOWAS. The West African Franc has a fixed exchange value of one euro to 655.957 CFA francs. Since the introduction of the West African franc, several denominations have been created both in coin and banknote form.
Use the converter below to calculate the equivalence of different amounts in different currencies. With an inflation rate of about 3% in Burkina Faso, the West African franc is one of the most stable currencies in West Africa.The West African Franc -CFA, ISO code XOF, is the currency used by eight West African countries, some of which were formerly colonized by France. The USDXOF spot exchange rate specifies how much one currency is currently worth in terms of the other. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The currency also has an equal value to the Central African franc.
The use of a common currency among these countries has improved the regional economic development and stability of the currency.
The Central African Franc is coded XAF.The West African Franc has 100 subunits called centimes (c).
Our currency rankings show that the most popular Communauté Financière Africaine (BCEAO) Franc exchange rate is the USD to XOF rate.
The name Burkina Faso was adopted in 1984. The currency is shared with eight other West African countries including Benin, Guinea-Bissau, Mali, Ivory Coast, Senegal, Niger, and Togo.
The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
The currency used in Burkina Faso is called: CFA Franc with exchange rate of 1 USD = 564.72 CFA Franc updated on Tuesday, September 4, 2018. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. 2008-2020 Data | 2021-2022 Forecast | Quote | ChartDownload historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data.
Burkina Faso is a West African nation, formerly a French colony.
The introduction of the West African franc in 1945 was influenced by the decline of the French West African franc in the aftermath of the Second World War. The Trading Economics Application Programming Interface (API) provides direct access to our data.
The Central African Franc is similar to the West African franc but is used in former colonies of French in the central African region. The fact that the French Treasury backs the currency has been interpreted by the West African states as continued influence by France on the economies of these countries. Establishment of a fixed exchange rate with the euro secures Burkina Faso from extreme effects of market changes, thus improving the ability to conduct trade with Eurozone nations. The two currencies share the CFA abbreviation but differ in their ISO codes.
The information is based on data from the Bank of Canada and is updated daily for the major currencies.
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The West African franc exchanges with the US dollar at a rate of 1XOF:0.001731US$.In recent years, various governments within the West African franc bloc have called for the introduction of a new currency, stating the ineffectiveness of the West African franc for export trade.