What currency is used in Africa? What is the ratio between African dollars and RMB?

Africa's currencies are not unified, and monetary integration is still developing. Currently, there are the West African Monetary Union, the Central African Monetary Union, and the African Development Fund. Among them, the West African Monetary Union is a typical form of African monetary integration.

The CFA franc is more commonly used and is divided into West African CFA franc and Central African CFA franc. In the West African Economic and Monetary Union (member states include Benin, Burkina Faso, C?te d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo), it is called West African franc. The franc is called the Central African CFA franc in the Central African Economic and Monetary Union (member states include Cameroon, Central Africa, Congo (Brazzaville), Gabon, Equatorial Guinea, and Chad).

The exchange rates of West African CFA franc and Central African CFA franc are equal, 100 RMB = 8542.3100 CFA franc.

Extended information

Origin of CFA Franc

The CFA franc was born on February 26, 1945, as a currency designed by France for its former colonial countries. The French abbreviation of the CFA franc is "FCFA", which originally meant "French colonial African franc."

In a broad sense, the CFA franc also includes the 15 country Comoros, and its currency is called the Comorian franc. In 2016, the exchange rate was 1euro=495 Comorian franc, and the Comorian franc was equivalent to approximately 75% of the currency value of the CFA franc.

When the CFA franc was put into use, the French colonies in West and Central Africa that used the CFA franc were not yet independent. After the independence of African countries, France signed currency cooperation agreements with these countries, linking the French franc to the CFA franc to ensure the convertibility of the CFA franc and being guaranteed by the French treasury.

Baidu Encyclopedia - African Financial Monetary Franc