The currency of Togo is the CFA Franc BCEAO, the Franc de la Commenauté Franciére d`Afrique, the currency of the West African Economic and Monetary Union.
Togo is a state in West Africa and is located on the Gulf of Guinea. The country borders on Benin, Ghana and Bukina Faso. The seat of government and the capital is Lomé. The national languages in Togo are Ewe and Kabiye and the official language is French. From 1884 to 1916 Togo was a German colony and then a mandate of the United Nations League of Nations. It became a trust territory under French administration.
The states of Burkina Faso, Ivory Coast, Benin, Mali and Niger, Senegal and Guinea-Bissau also have the currency CFA franc. The CFA franc has a fixed exchange rate that is tied to the euro and one euro corresponds to 655.957 CFA francs. The abbreviation for this currency is F and the ISO 4217 code is XOF.
History of the currency of Togo
This currency was introduced into several French colonies after the Bretton Wood Agreement on December 26, 1945. The Bretten-Wood Agreement was introduced after World War II to create an international and reorganized currency system with fixed exchange rates. The key currency is the gold-backed US dollar.
Originally, an exchange rate of 1 CFA franc was set to 1.70 French francs. After October 17, 1948, when the French franc was devalued, one CFA franc was equivalent to 2 French francs. In 1958 a currency reform took place in France and two zeros were trimmed at the end of the monetary value. The CFA franc was not subject to this currency reform and from that point onwards one CFA franc was equivalent to 0.02 French francs. This exchange rate existed until January 12, 1994. At that time, the CFA franc was devalued by half and one CFA franc was only 0.01 French francs.
After the introduction of the euro on January 1, 2002, one euro was equivalent to a total of 655.957 CFA francs. Currently there are 10,000, 5,000, 2,000, 1,000 banknotes and 500, 250, 200, 100, 50, 25, 10, 5 and 1 coins of this currency in circulation. This currency is issued by the Banque des Etats de l`Afrique de lÒuest for the 8 states.
Where to change to the CFA franc?
Banks and exchange offices are located in every major city and in these cash can be exchanged for the local currency. The exchange of this currency should take place in one of the 8 countries, because an exchange in other countries is associated with a high exchange loss. The currency converter helps with the corresponding conversion of the cash.