XAF to Naira Exchange Rate at the black Market
| Date | XAF (BUY) | XAF (SELL) |
|---|---|---|
| 575 | 595 | |
| 575 | 595 | |
| 575 | 595 | |
| 575 | 595 | |
| 575 | 595 |
XAF to Naira Exchange Rate at Transferwise
| Date | XAF |
|---|---|
| 0.61 | |
| 0.61 | |
| 0.61 | |
| 0.61 | |
| 0.61 |
How much is XOF - Cfa to Naira today?
The current exchange rate of naira to CFA (XAF) is 590/600 (buy/sell). Unfortunately, the Giant of Africa – Nigeria has lost her currency value even within her own borders. 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 CFA Franc Currency
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 CFA BEAC is used in the Central African states spanning 3,000,000 km2 in Central Africa. The Central African part consists of six countries using the (XAF) CFA (Coopération financière en Afrique centrale translated Financial Cooperation in Central Africa) Franc. They include: Cameroun, Central African Republic, Gabon, Republic of the Congo, Chad and Equatorial Guinea. It is issued by the BEAC (Banque des États de l'Afrique Centrale, i.e., Bank of the Central African States), located in Yaoundé, Cameroon.
Currency Facts
XAF Stats
Name: Central African CFA Franc BEAC
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: Bank of Central African States
Website: http://www.beac.int
Users: Communauté Financière Africaine (BEAC), Cameroon, Central African Republic, Chad, Congo/Brazzaville and Equatorial Guinea
Why the Naira is falling in Comparison with the Cefa?
The Cefa XAF is also affected by the naira. Here are some of the causes of these problems:
The Depreciation 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 stability 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.
Importation
Cameroun is one of the main ports 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 Cameroun 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.
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.
Education System
The encumbrances that comes with securing admission in Nigerian universities serve as a major advantage to schools in Central Africa. 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.