XOF to Naira Rate at the Black Market
| Date | XOF (BUY) | XOF (SELL) |
|---|---|---|
| 600 | 625 | |
| 600 | 625 | |
| 600 | 625 | |
| 605 | 625 | |
| 605 | 625 |
XOF to Naira Rate at CBN
| Date | CFA (BUY) | CFA (SELL) |
|---|---|---|
| Not Available | Not Available | |
| 0.5245 | 0.5445 | |
| 0.523 | 0.543 | |
| 0.5254 | 0.5454 | |
| 0.5218 | 0.5418 |
CFA (XOF) to Naira Rate at Transferwise
| Date | XOF |
|---|---|
| 0.63 | |
| 0.63 | |
| 0.63 | |
| 0.63 | |
| 0.63 |
How much is XOF - Cfa to Naira today?
The current exchange rate of naira to CFA (X0F) is aroung 630/640 (buy/sell). It is no longer news that most countries do not value Naira because Nigeria’s legal tender has lost its strength over the years. This has affected the cost of living of people living in the border between Nigeria and Benin Republic. The depreciation of Naira will only help to strengthen the legal tender, CFA, in these countries in the border. The exchange rate of Cfa to Naira has skyrocketed as the Naira has jumped from about N210 to N630.
The CFA Franc Currency
The currency was created on the 26th of December, 1945, because of the adverse weakness of French Franc immediately after the World War 2. The Cfa franc is the name of two currencies used in the West African and Central African countries. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA Franc. The XOF CFA Franc are used in fourteen countries. The West African part has eight countries using the (XOF) CFA (Communauté financière d'Afrique meaning the Financial Community of Africa) Franc. They include: Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Togo and Senegal. The currency is issued by the BCEAO, i.e. the Central Bank of the West African States, located in Dakar, Senegal.
Currency Facts
XOF Stats
Name: CFA Franc
Minor Unit: 1/100 = Centime
Coins: Frequently Used: 1, 2, 5, 10, 25, 100, 500
Banknotes: Frequently Used: 500, 1000, 2000, 5000, 10000
Central Bank: Central Bank of West African States
Website: http://www.beac.int
Users: Communauté Financière Africaine (BCEAO), Benin, Burkina Faso, Cote D’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo.
Why the Naira is falling in Comparison with the Cefa?
One recurrent question often asked is, “how much is cefa to naira rate today at the black market?” The answer to this question has scared many as the cefa rate has experience higher value in the expense of Naira. Here are some of the causes of these problems:
The Instability of Naira to the Dollar
It is not surprising that Dollar against a currency affects its relation to other exchange currencies. The devaluation of Naira against dollar helps in the strengthening of CFA. This is because effective policies have been laid by the Financial communities to ensure stablility of the currency in the world market. If the Naira can be valued in the foreign market, the CFA will have a currency to contend with. The Central Bank of Nigeria should be transparent and competent in the implementation of monetary policies in the country.
The Height of Massive Importation
Benin Republic can be described as the main port for second hand vehicles in West Africa. A high level of revenue has been raised through this medium as more Nigerians continue to buy commodities from Cotonou with no exportation to show for it. The recent ban of importing commodities like cars has scared the custom officers in these countries because of the adverse effect it would make on their currency. However, this ban has not completely ward off massive importation of cars and rice that has been banned by the Nigerian government. Second hand wears, from clothes, shoes, bags, along with toys, attract buyers from Nigerians on a daily basis. This act would help devalue the Naira and strengthen the GDP of these West African countries. The Naira can only appreciate when exportation kick starts to the various borders.
Poor Governance
It all boils down to the type of governance ran in Nigeria. If the system enables financial growth, the Naira would be strengthened to the CFA Franc. Policies have been laid on the type of good to be imported and those that shouldn’t, but unfortunately, these policies are not implemented and as such the masses are left to suffer in the hands of corrupt leaders. The shortage of goods and services and the hike in the indigenous goods would only cause a higher demand in imported substitutes, readily available in West African countries.
Poor Education System
The encumbrances that comes with securing admission in Nigerian universities serve as a major advantage to Benin Republic. Most youths go to these countries to study their desired courses as the process for admission is simplified, yet, quality education is given. The resources given to the education sector in these countries would help enhance an appreciation in CFA Franc to the expense of the Naira.