Time Period: 1901-1945

Currency: French West African Franc


Timeline

  • 29.06.1901
  • Ordinance on a 20 years' issuance privilege for the Bank of French West Africa (established 25.02.1901 as successor to the Bank of Senegal); effective 01.07.1901.
    - Extended provisionally for the years 1921-1929; formally extended for another 20 years on 29.01.1929; extended provisionally for the years 1949-1955.
  • 02.02.1943
  • Monetary agreement between Great Britain and the French government-in-exile to stabilize the exchange rate of the French Franc rate at pre-war level for the West African territories under control of the "France Libre"; effective 23.11.1943 (adherence of French West Africa to "France Libre")
  • 13.10.1943
  • Ordinance on the issuance of subsidiary coins of 1 Franc, 50 Cents by the French government-in-exile; effective immediately (?)

Valuation Regimes

  • 1901-1943
  • Identical to the French Franc (1795), the convertibility of the French West African paper money was limited
  • 1943-1945
  • Fixed rate against British Pound (the African colonies decoupled from the monetary system of occupied mainland France)

Rate Arrangements

  • 01.07.1901
  • Fixed
  • French Franc (1795) at 1 : 1
  • -
  • 23.11.1943
  • Fixed
  • British Pound at 1 : 200
  • -


Time Period: 1945-

Currency: West African CFA Franc


Timeline

  • 25.12.1945
  • Ordinance [No. 45-0135] on the creation of two currencies for the French colonies in Africa and the Pacific; effective immediately
  • 25.12.1945
  • Ordinance [No. 45-0136] on the rating of the two colonial currencies against the French Franc; effective immediately
  • 30.12.1948
  • Ordinance [No. 48-1999] on the issuance of subsidiary coins for French West Africa; effective immediately
    - 30.12.1948: Ordinance [No. 48-2004] on the issuance of subsidiary coins for Togo; effective immediately.
  • 20.01.1955
  • Ordinance [No. 55-103] on the establishment of the "Currency Institute of French West Africa and Togo" as successor to the Bank of French West Africa; effective 01.01.1957 by ordinance [No. 55-938] of 11.07.1955
  • 04.04.1959
  • Ordinance [No. 59-491] on the transformation of the Currency Institute into the "Central Bank of the West African States"; effective upon constitution of the bank on 08.10.1959.
    - On 01.07.1978, the bank's main office relocated from Paris to Dakar.
  • 12.05.1962
  • Treaty between the states of Côte d'Ivoire, Dahomey, Mauritania, Niger, Senegal, Togo, Upper Volta on the establishment of the West African Monetary Union (UMOA); effective 01.11.1962
  • 10.01.1994
  • Treaty between the states of Benin, Burkina Faso, Côte d'Ivoire, Niger, Senegal, Togo on the establishment of the West African Economic and Monetary Union (UEMOA); effective 01.08.1994
  • 10.05.1996
  • Agreement of the member countries of the West African Economic and Monetary Union (UEMOA) on the admission of Guinea-Bissau; effective 01.01.1997
  • 23.11.1998
  • Resolution [CELEX 31998D0683] of the European Council on the fixed exchange rate between the European Euro and the Central African CFA Franc, West African CFA Franc and Comorian Franc as guaranteed by the Bank of France; effective 01.01.1999
  • 21.12.2019
  • Announcement by the presidents of France and Côte d'Ivoire of a name change for the West African CFA Franc into "Eco" during 2020, maintaining the peg to the Euro; not implemented.
    - On 29.09.2019, the Economic Community of West African States (ECOWAS) had announced plans to create a common currency also called "Eco".

Valuation Regimes

  • 1945-1949
  • Fixed rate against French Franc (1795), temporarily re-pegged to the British Pound to delay the French devaluation of 1948 by one year
  • 1945-1949
  • Fixed rate against British Pound, did not follow the devaluations of the French Franc
  • 1949-1958
  • Fixed rate against French Franc (1795)
  • 1958-1998
  • Fixed rate against French Franc (1958)
  • 1999-
  • Fixed rate against European Euro

Rate Arrangements

  • 26.12.1945
  • Fixed
  • French Franc (1795) at 1.70 : 1 - British Pound at 1 : 282.35
  • -29.2%
  • 26.01.1948
  • Fixed
  • French Franc (1795) at 1.70 : 1 - British Pound at 1 : 508.24
  • ±0.0%
  • 18.10.1948
  • Fixed
  • British Pound at 1 : 508.24 - French Franc (1795) at 2 : 1
  • ±0.0%
  • 20.09.1949
  • Fixed
  • French Franc (1795) at 2 : 1
  • -27.9%
  • 27.12.1958
  • Fixed
  • French Franc (1958) at 1 : 50
  • ±0.0%
  • 12.01.1994
  • Fixed
  • French Franc (1958) at 1 : 100
  • -50.0%
  • 01.01.1999
  • Fixed
  • European Euro at 1 : 655.957
  • ±0.0%


End-year Forex Rates (Units per US Dollar)