The CFA franc was created in 1945 for French territories in West Africa.
The currency was established on 26 December 1945, after France ratified the Bretton Woods agreement. CFA originally referred to Colonies françaises d’Afrique, or French colonies in Africa. The name later acquired new official meanings as the political structure changed.
Today, the West African CFA franc is issued by the Central Bank of West African States and is used by eight countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It is fixed to the euro through a French Treasury guarantee, with the current rate set at 655.957 CFA francs per euro.
There are two CFA-franc currencies, not one: the West African CFA franc and the Central African CFA franc. They have the same fixed euro value but are issued by different regional central banks and are not interchangeable everywhere.