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CFA To Naira Exchange Rate Today

CFA To Naira Exchange Rate Today

If you are wondering how much is CFA to Naira exchange rate today . Are you about to carry out a transaction online? Do you want to go to Cotonou for a business trip and you need to know about the exchange rate of Naira to cfa franc ? Or simply, it is just the curiosity of knowing the exchange rate. Which ever the case, search no further as this article is all you need.

CFA To Naira Exchange Rate Today

  • Buying cfa to naira = 710

  • Selling cfa to naira = 765

Also, it is important one have an idea (overview) of both the Nigerian Naira and the CFA XOF so as to better understand what this article is all about.

cfa to naira exchange rate today

cfa to naira exchange rate today

CFA Currency XOF { Cefa } What is Benin Currency { Cotonou }

This currency is of two types, the West African CFA franc (XOF) and Central African CFA franc (XAF). These currencies have the same exchange rate and are all pegged with Euro at 1 Euro = 655.957 CFA. The use of these currencies is guaranteed by the French treasury and the currency is used in fourteen countries. Out of these, twelve are former colonies of France in both West and Central Africa. The other two countries being Guinea Bissau (former Portuguese colony) and Equatorial Guinea (Spanish colony). The currency CFA have had a variety of change of name. It started as Colonies françaises d’Afrique (French colonies of Africa); then for Communauté française d’Afrique (French Community of Africa) between 1958 and the independence of these African countries at the beginning of the 1960s. Since independence, CFA is taken to mean Communauté Financière Africaine (African Financial Community). This currency is very important as it is the currency used in Cotonou, a very popular place for Nigerian business men and women.

Nigerian NAIRA Currency

The Nigerian Naira is the currency of the Federal Republic of Nigeria, issued solely by the Central Bank of Nigeria and serve as the only mean of legal tender in the country. The Nigerian Naira is divided into 100 kobo. Though in recent years had been experiencing high rate of inflation. As of now, the inflation rate of the Nigerian Naira is put at over 17%.

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