Money is weird. Especially when you’re standing at a dusty roadside kiosk in Dakar or grabbing a quick espresso in Abidjan, trying to figure out if you're getting ripped off. You pull out a crumpled greenback and ask yourself: what is one dollar in CFA actually worth today?
Honestly, the answer changes before you can finish your coffee.
If you look at the raw data from the BCEAO (Central Bank of West African States) or the BEAC in Central Africa, you’ll see a number. Usually, it hovers somewhere between 590 and 620. But that's just the "interbank" rate. That's the price banks charge each other. For you? It’s a different story. The reality of the CFA Franc—which is actually two different currencies, the XOF and the XAF—is tied to a colonial-era peg with the Euro. Because the Euro fluctuates against the US Dollar, the CFA is basically a passenger on a very bumpy ride.
The Peg That Controls Everything
Most people don't realize that the CFA Franc doesn't have its own "value" in the traditional sense. It’s pegged at a fixed rate to the Euro: exactly 655.957 CFA to 1 Euro. That’s it. That number is etched in stone (or at least in French Treasury agreements).
So, when you want to know the value of one dollar in CFA, you aren't actually looking at the strength of the Senegalese or Gabonese economy. You're looking at the wrestling match between the Federal Reserve in Washington and the European Central Bank in Frankfurt. If the Euro gets crushed because of energy prices in Germany, your dollar suddenly buys way more bags of rice in Cotonou.
It’s a bizarre system.
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Critics like the Senegalese economist Ndongo Samba Sylla have argued for years that this peg stifles local growth. Why? Because a strong Euro makes West African exports more expensive for the rest of the world. Imagine trying to sell cashews or cocoa. If the Euro (and thus the CFA) is high, your goods are pricey. If the dollar is strong, your imports—like fuel and machinery—become eye-wateringly expensive. You can't win.
Why the Rate You See Online Is a Lie
Go ahead. Google it. You’ll see a nice, clean number like 602.45.
Try getting that rate at an airport.
You won't. Between the "spread" (the difference between the buy and sell price) and the commissions, you’re more likely to get 570 or 580. In the informal markets—the guys standing on street corners with thick stacks of bills—you might actually get a better rate than the bank, but you’re also playing a high-stakes game of "is this bill counterfeit?"
The Tale of Two CFAs
Here is where it gets even more confusing. There isn't just one CFA.
- XOF: The West African CFA Franc (used in Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo).
- XAF: The Central African CFA Franc (used in Cameroon, CAR, Chad, Republic of the Congo, Equatorial Guinea, and Gabon).
Technically, they are at par. One XOF equals one XAF. But try spending a Central African bill in Senegal. Most merchants will look at you like you’re handing them Monopoly money. Even though they have the same fixed exchange rate to the Euro, the two zones are distinct. When you're calculating one dollar in CFA, you have to be specific about which zone you’re in because the liquidity and local demand for dollars vary wildly between a hub like Abidjan and a place like N'Djamena.
The dollar is king in the oil sector in Gabon. There, the demand for greenbacks is high. In the agricultural heartlands of Togo, the Euro is much more familiar.
The 2026 Reality: Inflation and the Greenback
We've seen a massive shift lately. For a long time, the dollar was hovering around the 500-550 mark. Those days feel like ancient history. With global inflation and the Fed’s aggressive interest rate hikes over the last couple of years, the dollar has bullied almost every other currency.
When the dollar stays strong, life in the CFA zone gets harder. Most of these countries import their refined petroleum. Since oil is priced in dollars, a strong dollar means the price at the pump in Bamako goes up, even if the world price of oil stays flat. It's a double whammy. You’re paying more because of the commodity price and more because your currency is weak against the dollar.
How to Actually Exchange Your Money Without Losing Your Shirt
If you're traveling or doing business, don't just walk into the first bank you see.
First, check the mid-market rate on a reliable site like XE or OANDA. This is your baseline. Then, look for "Bureau de Change" signs in major commercial districts. In Dakar, for example, the Plateau area has several reputable exchange spots that offer rates much closer to the official mid-market than the hotels or airports ever will.
- Avoid the Airport: This is universal. You’ll lose 10% easily.
- Crisp Bills Only: If your $100 bill has a tiny tear or a stray pen mark, it’s useless. Money changers in West and Central Africa are notoriously picky. They want "Big Head" bills (the newer designs) that look like they just came off the press.
- The ATM Hack: Often, the best way to get CFA at a fair rate is to just use a local ATM with a card that doesn't charge foreign transaction fees (like Charles Schwab or certain Neo-banks). The machine will give you the Visa/Mastercard wholesale rate, which is usually excellent. Just watch out for the local bank's ATM fee.
The Future: Is the Eco Coming?
You might have heard rumblings about the "Eco." This is the proposed replacement for the CFA Franc. The idea is to break away from the French Treasury and create a truly independent West African currency.
It’s been "coming soon" for decades.
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The reality is that as long as the peg exists, one dollar in CFA will always be a reflection of European stability rather than African productivity. If the Eco ever actually launches—and includes a giant like Nigeria—the volatility against the dollar will become much more intense. We will move from a "managed" stability to the wild west of floating exchange rates.
Practical Steps for Handling Dollars and CFA
If you are holding US currency and need to navigate the CFA zone, follow these steps to ensure you aren't leaving money on the table.
1. Monitor the EUR/USD Pair
Since the CFA is pegged to the Euro, you are actually trading the Euro. If you see the Euro is crashing on the news, your dollars are gaining value in West Africa. Timing your exchange by even 48 hours can sometimes save you enough for a decent dinner.
2. Large Denominations Rule
In the parallel market, a $100 bill often gets a better exchange rate than five $20 bills. It’s a volume game for the changers. They want the big bills for easier transport and storage.
3. Use Digital Remittance for Better Rates
If you’re sending money to someone in the region, platforms like Taptap Send or Wave often offer exchange rates that beat the physical banks. They bypass the physical cash handling costs and pass that "savings" (mostly) onto you.
4. Carry a Backup in Euros
If you’re traveling deep into rural areas, bring Euros. Because of the fixed peg, many people in the CFA zone know exactly what 10 or 20 Euros is worth without looking at a chart. The dollar is still "foreign" in a way the Euro isn't.
The relationship between one dollar in CFA is a window into global geopolitics. It tells the story of colonial history, European banking, and the massive weight of the US Federal Reserve. Whether you’re a tourist or a trader, understanding that you’re trading through a Euro-shaped lens is the only way to make sense of the numbers on your screen. Keep an eye on the charts, but keep your physical bills crisp.