Editing CFA franc (section)

===Exchange rate===
The CFA franc was created with a fixed exchange rate versus the [[French franc]]. This exchange rate was changed only twice, in 1948 and in 1994 (besides nominal adaptation to the new French franc in 1960 and the Euro in 1999).

Exchange rate:
* 26 December 1945 to 16 October 1948 &ndash; F.CFA&nbsp;1 = 1.70 French franc. This 70 centime [[:wikt:premium|premium]] is the consequence of the creation of the CFA franc, which spared the French African colonies the devaluation of December 1945 (before December 1945, 1 local franc in these colonies was worth 1 French franc).
* 17 October 1948 to 31 December 1959 &ndash; F.CFA&nbsp;1 = 2 French francs (the CFA franc had followed the French franc's devaluation versus the US dollar in January 1948, but on 18 October 1948, the French franc devalued again and this time the CFA franc was revalued against the French franc to offset almost all of this new devaluation of the French franc; after October 1948, the CFA followed all the successive devaluations of the French franc)
* 1 January 1960 to 11 January 1994&ndash; F.CFA&nbsp;1 = NF&nbsp;0.02 (1 January 1960: the French franc redenominated, with 100 old francs becoming 1 new franc)
* 12 January 1994 to 31 December 1998&ndash; F.CFA&nbsp;1 = F&nbsp;0.01. An overnight 50% devaluation.
* 1 January 1999 onwards &ndash; F.CFA&nbsp;100 = €0.152449 or €1 = F.CFA&nbsp;655.957. (1 January 1999:  the [[euro]] replaced FRF at the rate of 6.55957 FRF for 1 euro)

The 1960 and 1999 events merely reflect changes of currency in use in France: the actual [[relative value (economics)|relative value]] of the CFA franc versus the French franc/euro only changed in 1948 and 1994.