Exchange Rate

CFA to Naira Exchange Rate & Black Market: November 2024

We updated this post every day to make sure that it remains accurate. We also update immediately if there is any change in the exchange rate between the Naira and the CFA.

The post contains all CFA to Naira exchange rate variables in Nigeria. Here you will find the CFA to Naira Black Market Rate, CFA to Naira Official Exchange Rate, Bank Rate, and CBN Rate.

CEFA to Naira Exchange Rate

  • Buying @1 CFA = 2.5 Naira
  • Selling @1 CFA = 2.6 Naira

All the exchange rates we have here are current as of the time it was last updated. The rate may not be accurate depending on the financial institution you are using to exchange, or your exchange agent.

We still advise you to contact your exchange agent to compare prices exchange price as what we have here may not be sufficient.

Some Facts About The CFA FRANC

CFA franc is the name of the legal tender used in parts of West Africa and Central African countries. They are guaranteed by the French treasury.

The two CFA franc is the “West African CFA franc” and the “Central African CFA franc”.

Though separate theoretically, the two CFA franc currencies are effectively interchangeable.

The ISO codes are XAF for the Central African CFA franc, and XOF for the West African CFA franc.

Both currencies have a fixed exchange rate for the euro.

Although Central African francs and West African francs have always been at parity and had the same value as other currencies, they are in separate principal currencies.

They both could theoretically have different values at any moment if one of the two monetary authorities or France decided on it.

Both the West African CFA coins and banknotes are not accepted in countries using Central African CFA francs, and vice versa though theoretically.

But in practice, the permanent parity of both CFA franc is widely assumed.

The CFA franc currency was created on 26 December 1945, together with the CFP franc.

It was created because of the weakness of the French franc after the Second World War when France ratified the Bretton Woods Agreement in 1945; the French franc was then devalued so they could set a fixed exchange rate with the United States dollar.

New money was created in the French colonies in other to spare them the sharp devaluation, and to facilitate imports from France.

The French officials presented this decision as an act of generosity.

René Pleven, the then French minister of finance, said:

“In a show of her generosity, metropolitan France, wishing not to impose on her far-away daughters the consequences of her poverty, is setting different exchange rates for their currency”.

Brief History of the CFA Franc

Origin and Development

The CFA Franc was introduced in 1945 to serve as the currency for French-speaking African countries. It is split into two variants: the West African CFA Franc (XOF) and the Central African CFA Franc (XAF).

Economic Significance

The CFA Franc is pegged to the Euro, providing stability and facilitating trade among the CFA zone countries and with the Eurozone.

Brief History of the Naira

Origin and Development

The Naira was introduced in 1973, replacing the Nigerian pound. Named after Nigeria, it symbolizes the country’s post-colonial identity and economic aspirations.

Economic Significance

The Naira is the official currency of Nigeria, playing a vital role in its economy, especially in the oil and gas sector.

Economic Ties Between CFA Zone Countries and Nigeria

Trade Relations

Nigeria and CFA zone countries share significant trade relations, with both regions exporting and importing a variety of goods, from agricultural products to manufactured goods.

Investment and Business Links

There are substantial investments from Nigerian companies in CFA zone countries and vice versa, reflecting strong business ties between the regions.

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Related Tags: convert 1 naira to cfa | naira to cfa black market today |1 cfa franc to naira | 1000 cfa franc to naira | Cameroon currency to naira |1000000 cfa to naira | 500 cfa to naira.

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