Central African CFA Franc (XAF)
The Central African CFA Franc is issued by BEAC for six countries and pegged to the euro at a fixed 655.957 francs. It shares the exact same value as its West African twin, the XOF franc.
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A short history of the Central African CFA Franc
The Central African CFA franc shares a birthday with its western twin: created on 26 December 1945, the day France ratified the Bretton Woods agreements, as part of the colonial currency architecture. This branch served French Equatorial Africa and Cameroon, and since the early 1970s it has been issued by the Bank of Central African States (BEAC), headquartered in Yaoundé.
Six countries use it: Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon. Equatorial Guinea, a former Spanish colony, joined in 1985. The peg that defines the currency has evolved from the French franc to the euro, at the same fixed rate as the West African version — 655.957 CFA francs per euro — and the two branches have moved together ever since, including the overnight 50% devaluation of 1994.
What makes the Central African zone distinct is its economic base: oil dominates, with Gabon, Congo, Chad and Equatorial Guinea all producers and Cameroon running the region's biggest diversified economy and its gateway port. The Chad–Cameroon pipeline, opened in 2003, symbolizes the zone's reality — hydrocarbons flow, and everything else often travels through Douala.
What moves the XAF exchange rate
As with the West African franc, the euro peg fixes the headline rate; the real story is the oil-and-timber economy behind it.
- Oil prices: crude exports from Gabon, Congo, Chad and Equatorial Guinea dominate the zone's foreign-exchange earnings, so energy markets matter more than anything else
- The euro peg: XAF tracks the euro against the dollar and everything else at exactly 655.957 per euro
- BEAC and the reserves framework: pooled reserves and the operations-account arrangement with the French Treasury underpin the peg's credibility
- Regional corridors: landlocked Chad and the Central African Republic depend on routes through Cameroon, so trade logistics shape the zone's dollar supply as much as production does
The Central African CFA Franc in practice
The same notes and coins circulate across all six countries, which makes travel between Yaoundé, Libreville and Brazzaville refreshingly simple — no internal exchange, no rate shopping at borders. Cards work in the cities' banks, hotels and supermarkets, but the region remains cash-heavy: bring notes in small denominations for markets, taxis and the smaller towns.
Convertibility outside the region is limited, so exchange leftover francs before departing — desks abroad almost never stock XAF. One practical quirk: in some member states, banks can face periodic shortages of foreign currency, so large dollar payments occasionally take planning and patience. For remittances, flows from France are the main corridor, though smaller than the West African ones; comparing the CFA amount received still pays, since bank margins in the zone vary widely. For businesses, the fixed euro link removes currency risk on European contracts but imports the euro's strength or weakness into everything priced in dollars.
Popular Central African CFA Franc conversions
EUR/XAF is the defining pair, fixed by the peg at 655.957. USD/XAF is what oil companies and commodity traders actually watch, GBP/XAF serves the British and international business links, and XAF/XOF — a parity by design — matters when money moves between the two CFA zones.
Frequently asked questions
What is the difference between XAF and XOF?
They are two branches of the same system, issued by different central banks for different regions: XAF by BEAC for six Central African countries, XOF by BCEAO for eight West African ones. Both are pegged to the euro at the same rate and have equal value, but the banknotes are distinct.
Can I use West African CFA francs in Central Africa?
The notes are different and the zones are legally separate, so do not rely on it — banks may accept the other zone's notes at par but are not obliged to. Exchange between the two is straightforward within the region.
Is the Central African CFA franc pegged to the euro?
Yes, at 655.957 CFA francs per euro — the same fixed rate as the West African CFA franc. Before the euro, both branches were pegged to the French franc, and the parity has survived several redesigns of the system.
Page updated: 2026-11-01