Central African CFA Franc (XAF) to Naira Black Market Exchange Rate Today
The Central African CFA franc is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon.
These six countries have a combined population of about 85 million people and an economy worth over $100 billion.
The Central African CFA franc is used in all six countries as well as by the African Development Bank, the Central African Stock Exchange, and the Organization for the Harmonization of Business Law in Africa.
Also, you can check out the Dollar To Naira Exchange Rate.
The Central African CFA franc Currency
The Central African CFA franc is the currency of six independent states in central Africa: Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon.
The CFA franc was introduced in 1945, replacing the French Equatorial African franc. It was initially pegged to the French franc at a rate of 1 CFA franc to 1.2 French francs.
This peg was later changed to 1 CFA franc to 0.6 French francs in 1948. The CFA franc was created to help stabilize the economies of the African colonies of France.
Facts About The Central African CFA franc Currency
The Central African CFA franc is the currency used in six central African countries: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon.
Here are 5 facts about the Central African CFA franc:
- The Central African CFA franc was introduced in 1945.
- The Central African CFA franc is minted by the French Mint.
- The Central African CFA franc is legal tender in all six central African countries.
- In 1994, the CFA franc was pegged to the Euro at a rate of 1 Euro = 665.957 CFA francs.
- The CFA franc is the second-most used currency in West Africa after the Nigerian naira.
The Nigerian Naira Currency
The naira is the currency of Nigeria. It is subdivided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Nigerian Federation.
Naira notes circulate in Nigeria in denominations of ₦5,000, ₦2,000, ₦1,000, ₦500, ₦200, ₦100, ₦50, ₦20, ₦10, and ₦5.
Central African CFA franc to Naira Black Market Exchange Rate Today
CEFA to Naira Black Market Rate
Buying @1 CFA = 0.70 Naira
Selling @1 CFA = 0.7142 NGN
Naira to CEFA Black Market Rate
Buying @1 Naira = 1.4003 CFA
Selling @1 Naira = 1.56 CFA
CEFA to Naira CBN Rate
Buying @1 CFA = ₦ 0.71
Selling @ 1 CFA= ₦ 0.72 Naira
Naira to CEFA CBN Rate
Buying @1 Naira = 1.61 CFA
Selling @ 1 Naira = 1.56 CFA
Factors affecting the exchange rate of the Central African CFA franc to Naira
There are many factors that affect the exchange rate between the Central African CFA franc and the Nigerian Naira.
Some of these factors include the state of the economy in both countries, the inflation rate, the interest rate, and the political stability of both countries.
The state of the economy is one of the most important factors that affects the exchange rate between two currencies.
If the economy of one country is doing well, while the other country’s economy is not doing well, then the currency of the country with the stronger economy will be worth more than the other currency.
Inflation is another factor that can affect the exchange rate between two currencies. If one country has a higher inflation rate than the other, then the currency of the country with the higher inflation rate will be worth less than the other currency.
Political instability in either country can also affect the exchange rate. Political unrest or civil war can cause capital flight, leading to an increase in demand for safe haven currencies such as the U.S. dollar or Euro.
This increased demand can result in a weakening of the Naira relative to the Central African CFA franc.
Countries That Use Central African CFA franc
The Central African CFA franc is the currency used in six countries in Central Africa:
- Central African Republic,
- Equatorial Guinea, and
All of these countries are members of the Economic and Monetary Community of Central Africa (CEMAC), which is the organization that issues the currency.
How to get the best Central African CFA franc to Naira exchange rate
One way to get the best exchange rate is to check around at different money exchange offices. Many exchangers offer varying rates, so it’s important to check with multiple places before making a decision.
Additionally, some exchange offices will offer mouth watering rates if you are exchanging in bulk, so it may be worth considering before any transactions.
Finally, it’s always a good idea to keep an eye on the news and economic indicators when deciding on an exchange rate.
Currency prices tend to move in response to events such as elections or economic announcements, so it’s important to stay informed.
Central African CFA franc to Naira Exchange Rate FAQS
How much is 1000 XFA to a Naira?
1000 XFA is currently 612.57 NGN
Who spends CEFA?
Burkina Faso, the Ivory Coast, Mali, Niger, Senegal, Togo, and Guinea-Bissau are the eight independent African nations that use the West African CFA franc as their currency.
Benin is also part of this group. The currency, which serves a total population of 105 million people, is an important diplomatic link between the countries of West Africa in the modern day.
The Central African CFA franc is an important currency in Africa and has a strong presence in the Nigerian economy.
It is important to stay informed on current exchange rates, as this information can be used to make informed decisions when trading, investing, and doing business with both currencies.
While exchange rates may fluctuate over time, understanding how the CFA franc to Naira exchange rate impacts the economy is key.