CFA To Naira Exchange Rate & Black Market – January 2020

We updated this post every day to make sure that it remains accurate. We also update immediately 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 Black Market Rate

  • Buying @ 1 CFA 0.58 Naira
  • Selling @ 1 CFA = 0.61 Naira

Naira to CEFA Black Market Rate

  • Buying @ 1 Naira 1.72 CFA
  • Selling @ 1 Naira 1.64 CFA

CEFA to Naira CBN Rate

  • Buying @ 1 CFA 0.49 Naira
  • Selling @ 1 CFA = 0.51 Naira

Naira to CEFA CBN Rate

  • Buying @ 1 Naira = 2.04 CFA
  • Selling @ 1 Naira 1.96 CFA

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 West African CFA franc.

Both currencies have a fixed exchange rate to the euro.

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

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

Both the West Africa 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 second World War when France ratified the Bretton Woods Agreement in 1945; the French franc was then devalued so they can 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”.

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