The Ivory Coast franc, officially known as the West African CFA franc, is the currency of the Republic of Ivory Coast, a country located in West Africa. It is the legal tender used for daily transactions within the country, as well as in several other countries within the West African Monetary Union (WAMU).
The Ivory Coast franc is a subdivision of the West African CFA franc, which is governed by the Central Bank of West African States (BCEAO). The currency is denoted by the currency code XOF and is pegged to the euro at a fixed exchange rate.
The Ivory Coast franc is issued in both coins and banknotes. Coins are available in denominations of 1, 5, 10, 25, 50, 100, and 500 francs, while banknotes are issued in denominations of 1,000, 2,000, 5,000, and 10,000 francs.
The Ivory Coast franc plays a significant role in facilitating trade and economic activities within the countries of the West African Monetary Union. It helps to maintain stability and promote financial integration among member states. The currency also serves as a store of value and a medium of exchange, allowing individuals and businesses to carry out transactions smoothly and efficiently.
In conclusion, the Ivory Coast franc is the currency of Ivory Coast and part of the West African CFA franc. It is an essential tool for economic activities within the country and fosters financial stability within the West African Monetary Union.
