The West African CFA franc is the currency used by eight countries in West Africa, known as the West African Economic and Monetary Union. These countries include Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The currency is abbreviated as XOF and is pegged to the Euro, providing stability in exchange rates. The CFA franc was introduced in 1945 and has undergone several changes since then. It is issued by the Central Bank of West African States, which ensures the currency's stability and facilitates trade among member countries. The CFA franc is widely accepted in the region, making it essential for economic activities.