The Central African CFA Franc (XAF), used by six countries in Central Africa, has an intriguing historical connection to French colonization. It was introduced in 1945 to serve as a stable currency for French territories in Africa, replacing a range of indigenous currencies. The XAF is pegged to the euro, which ensures a degree of economic stability for the member countries, including Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon. This stability is particularly notable because it plays a crucial role in the economic integration efforts of the Economic and Monetary Community of Central Africa (CEMAC).

Interestingly, the “CFA” in CFA Franc stands for “Coopération Financière en Afrique” (Financial Cooperation in Africa), highlighting the currency’s purpose of fostering economic cooperation among its member states. While it shares the same value with the West African CFA Franc (XOF), the two are not interchangeable, creating a unique distinction in the Francophone African region. The XAF not only underscores a shared colonial heritage but also represents a continued collaboration among different nations striving for regional economic growth.