The West African CFA franc (XOF) is the shared currency of eight independent states in West Africa. The XOF uses both coins and banknotes, with the franc subdivided into 100 centimes. The Central Bank of West African States, located in Dakar, Senegal, regulates the currency. The members that use the West African CFA France consist of the West African Economic and Monetary Union and include Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Together, these countries have a spending power that exceeds over 78 billion dollars.
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