If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.
In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.
CFA Franc was created in 1945. It stands for Communaute Financiere Africaina (African Financial Communities)
The currency is issued by the Central bank of West African States in Dakar, Senegal for the member of the West African Economic and Monetary Union.
However, there are plans to rename the currency to ECO. This is to reduce the impact of the French Government on their economy and currency. It is also done to also boost their economies.
The Republic of Benin Currency – Cefa
Cefa comes in Coins and Notes
Coins
50 Francs CFA
100 Francs CFA
200 Francs CFA
Notes
500 Francs
1,000 Francs
2,000 Francs
5,000 Francs
10,000 Francs
20,000 Francs
Also Read: Everything you Need to Know About Visiting Benin Republic
Comparing The Naira and the CFA (Cefa)
The first to note when travelling to Benin Republic from Nigeria is the exchange rate. This is very important else you may lose money. When changing do not be in a rush, take your time to ask from multiple vendors so you can get a good deal.
As of April 2021, 1,000 Naira equals between 1,100 to 1,125 Cefa. That is 1 Naira equals 1.1 Cefa.
Over the years, the Naira has dwindle in value from 1 to 3 over the years to 1 to 1 in 2021.
May God help this country and our financial institutions.
The situation is getting worse by the day