The CFA franc remains one of Africa’s most stable currencies — by design. As of 07 November 2026, 1 EUR = 655.957 FCFA, a fixed parity unchanged since the franc’s devaluation in 1994. That stability comes at a political cost that economists still debate.
The CFA Franc Against the Euro: A Fixed Parity
Two distinct monetary zones use the CFA franc, governed by separate central banks but sharing the same fixed rate against the euro.
UEMOA — West African Economic and Monetary Union (XOF)
The West African CFA franc (XOF) circulates across eight countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The BCEAO (Banque Centrale des États de l’West Africa), headquartered in Dakar, manages monetary policy for this zone.
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CEMAC — Central African Economic and Monetary Community (XAF)
The Central African CFA franc (XAF) is used by six countries: Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea, and Chad. Its central bank is the BEAC (Banque des États de l’Central Africa), based in Yaoundé.
Despite different issuers and geographic zones, XOF and XAF carry identical exchange rates: 1 EUR = 655.957 FCFA in both cases. The two currencies are not interchangeable on the ground, however.
France’s Treasury guarantees the convertibility of both francs, requiring each zone to deposit a portion of its foreign reserves in a French “operations account.” This arrangement, formalised after independence, has been progressively revised. A 2019 reform renamed the XOF the “ECO” in principle and ended the mandatory deposit requirement — though implementation remains incomplete as of 2026.
The fixed parity was last adjusted in January 1994, when both francs were devalued by 50% against the French franc to restore export competitiveness. Since the euro replaced the French franc in 1999, the anchor has been the euro at the current rate.
CFA Franc → Euro Converter
Conversion based on the official fixed parity of 1 EUR = 655.957 FCFA (applies to both XOF and XAF). Figures sourced from BCEAO/BEAC, fetched 07/11/2026.
| Amount (FCFA) | Equivalent (EUR) |
|---|---|
| 100 FCFA | 0.15 EUR |
| 500 FCFA | 0.76 EUR |
| 1,000 FCFA | 1.52 EUR |
| 5,000 FCFA | 7.62 EUR |
| 10,000 FCFA | 15.24 EUR |
| 50,000 FCFA | 76.22 EUR |
| 100,000 FCFA | 152.45 EUR |
Key African Currencies Against the Euro
The following floating currencies are priced against the euro as of 07 November 2026, sourced from er-api.com. All rates are indicative and subject to intraday movement.
| Currency | Code | 1 EUR = | 1 Unit = EUR | Stability / Trend |
|---|---|---|---|---|
| Moroccan Dirham | MAD | 10.90 MAD | 0.0917 EUR | Relatively stable; Bank Al-Maghrib manages a crawling peg basket |
| Algerian Dinar | DZD | 152.86 DZD | 0.0065 EUR | Controlled; official rate diverges from parallel market |
| Tunisian Dinar | TND | 3.354 TND | 0.2982 EUR | Under pressure; BCT intervenes periodically |
| Nigerian Naira | NGN | 1,487.5 NGN | 0.000672 EUR | High volatility; CBN floated naira in 2023, depreciation ongoing |
| Ghanaian Cedi | GHS | 13.08 GHS | 0.0765 EUR | Recovering post-IMF programme; still fragile |
| Kenyan Shilling | KES | 145.4 KES | 0.0069 EUR | Moderate stability; supported by remittances and diaspora inflows |
| Congolese Franc | CDF | 2,607 CDF | 0.000384 EUR | Persistent depreciation; high dollarisation of the economy |
| Egyptian Pound | EGP | 60.19 EGP | 0.0166 EUR | Stabilised after March 2024 float and IMF deal; watched closely |
| South African Rand | ZAR | 18.42 ZAR | 0.0543 EUR | Liquid and freely traded; sensitive to commodity cycles and Fed policy |
Why the CFA Franc Does Not Fluctuate Against the Euro
The fixed parity is a monetary policy choice, not a market outcome. France’s guarantee means the BCEAO and BEAC can always convert CFA francs into euros at 655.957 — removing devaluation risk for importers and foreign investors.
Proponents argue this arrangement suppresses inflation and anchors trade pricing across member states. Côte d’Ivoire, Senegal, and Cameroon have benefited from low currency risk premiums on external debt denominated in euros.
Critics point to the loss of monetary sovereignty. Member states cannot devalue to boost exports or adjust rates to counter domestic downturns. When global commodity prices fall — as they did sharply for oil-dependent Gabon and Chad — the fixed rate offers no buffer.
The debate intensified after 2020. Mali, Burkina Faso, and Niger — all under military governments as of 2026 — have publicly questioned the arrangement. None has formally exited. Structural exit would require establishing independent central banks, building foreign reserve buffers, and managing an almost certain period of currency depreciation. The political and economic cost remains high.
Meanwhile, floating currencies like the naira and the cedi absorb external shocks through depreciation — which protects reserves but erodes household purchasing power. The CFA franc transfers that risk management function to the French Treasury, a trade-off that sits at the heart of ongoing sovereignty debates across francophone Africa.
Frequently Asked Questions
Is the XOF and XAF exchange rate exactly the same?
Yes. Both the West African CFA franc (XOF) and the Central African CFA franc (XAF) are pegged at 1 EUR = 655.957 FCFA. However, the two currencies are issued by different central banks (BCEAO and BEAC respectively) and are not legally interchangeable between the two zones.
Can the CFA franc be devalued?
Technically yes, but only through a political decision by member states in agreement with France and the European Union. The last devaluation occurred in January 1994, when both CFA francs lost 50% of their value against the French franc. No devaluation has occurred since.
Why is the Nigerian naira so much weaker than other African currencies against the euro?
The Central Bank of Nigeria (CBN) unified and floated the naira in June 2023, ending years of managed multiple exchange rates. The resulting adjustment — combined with high inflation, reduced oil revenues, and limited foreign reserves — drove sharp depreciation. As of 07 November 2026, 1 EUR ≈ 1,487.5 NGN, reflecting continued pressure on Africa’s most populous economy.
Sources
- BCEAO — Banque Centrale des États de l’West Africa: official XOF/EUR fixed parity. Fetched 07/11/2026.
- BEAC — Banque des États de l’Central Africa: official XAF/EUR fixed parity. Fetched 07/11/2026.
- ExchangeRate-API (er-api.com): floating currency rates for MAD, DZD, TND, NGN, GHS, KES, CDF, EGP, ZAR. Fetched 07/11/2026.
Note: All floating exchange rates are indicative rates, subject to change and may differ from rates applied by commercial banks, money transfer operators, or at points of exchange. The fixed CFA franc parity (655.957) is official and does not fluctuate.
