Ivory Coast Currency

Ivory Coast Currency: Everything You Need to Know

Official Currency

The official currency of Ivory Coast is the West African CFA franc (XOF).

The XOF is also used in seven other West African countries: Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It is issued by the Central Bank of West African States (BCEAO).

History of the CFA Franc

The CFA franc was introduced in 1945 as a replacement for the French West African franc. It was originally pegged to the French franc, but was later pegged to the euro. In 2019, the CFA franc was devalued by 50% against the euro.

Exchange Rates

The exchange rate between the XOF and the euro fluctuates, but it is currently around 655 XOF to 1 euro.

Tips for Using the CFA Franc

* When exchanging currency, always ask for the official exchange rate. * Be aware that some businesses may not accept foreign currency. * Credit cards are widely accepted in major cities, but cash is still the preferred method of payment in rural areas. * Avoid carrying large amounts of cash.