The current exchange rate for 1 West African CFA Franc to Naira is N2.617. This means that for every 1 CFA Franc you exchange, you will get N2.617. The West African CFA Franc (XOF) is used by eight countries in West Africa. These countries are part of the West African Economic and Monetary Union (WAEMU), also known by its French acronym UEMOA (Union Économique et Monétaire Ouest-Africaine). The member countries using the West African CFA Franc are:-
- Benin
- Burkina Faso
- Ivory Coast (Côte d’Ivoire)
- Guinea-Bissau
- Mali
- Niger
- Senegal
- Togo
These countries share a common currency, which is guaranteed by the French Treasury and has a fixed exchange rate with the Euro.
How Much is 100 CFA Francs to Naira in the Black Market Today?
If you are buying or selling a hundred CFA today in the black market, this is how much it goes for.
| WEST AFRICAN CFA FRANC TO NAIRA (XOF TO NGN) | BLACK MARKET EXCHANGE RATE TODAY |
|---|---|
| Buying Rate | 2.617 |
| Selling Rate | 2.628 |
CFA (XOF) To Naira Black Market Rates
If you want to buy or sell CFA with the Aboki guys today, see this table for the rates you will get.
| CFA (XOF) | NAIRA (₦) |
|---|---|
| 1 CFA to Naira | 2.617 |
| 5 CFA (XOF) to Naira | 13.085 |
| 10 CFA (XOF) to Naira | 26.17 |
| 20 CFA (XOF) to Naira | 52.34 |
| 50 CFA (XOF) to Naira | 130.85 |
| 100 CFA (XOF) to Naira | 261.7 |
| 200 CFA (XOF) to Naira | 523.4 |
| 500 CFA (XOF) to Naira | 1,308.5 |
| 1000 CFA (XOF) to Naira | 2610 |
| 2000 CFA (XOF) to Naira | 5,234 |
| 5000 CFA (XOF) to Naira | 13,085 |
Note: The exchange rates for CFA to Naira in the black market are not fixed; they can change frequently, even more than once a day. To avoid being cheated, always check the current rate at the time you are exchanging.
Why Do CFA To Naira Rates Fluctuate?
A lot of people wonder why the CFA to Naira exchange rate fluctuates. Sometimes it is higher, sometimes lower. The factors that affect the exchange rate have been explain below:-
- The balance of supply and demand directly affects exchange rates. Higher demand for CFA Francs compared to the supply will increase its value in terms of Naira, and vice versa.
- Policies like inflation rates, interest rates, and economic growth in Nigeria and the CFA Franc zone influence exchange rates. For example, high inflation in Nigeria can depreciate the Naira, making CFA Francs more expensive.
- In Nigeria, restrictions on the amount of foreign currency that can be exchanged officially often increase demand in the black market, causing rate fluctuations.
- Global events, such as changes in oil prices or international trade dynamics, can influence local currencies. For instance, a drop in oil prices can reduce Nigeria’s foreign exchange reserves, affecting the Naira’s value.
Tips For Exchanging CFA To Naira At The Black Market
Exchanging CFA Francs to Naira in the black market can be a tricky process, but these tips can help you navigate it more safely and efficiently:-
- Always check the current black market exchange rates from reliable sources before exchanging your money.
- Don’t settle for the first rate you find.
- Make sure to deal with trusted and reputable currency exchangers.
- Don’t be afraid to negotiate the rate. Dealers may be willing to offer a better rate if you are exchanging a large amount of money.
- Transact in a secure and safe environment. Avoid secluded or unfamiliar areas, and consider taking someone with you for added security.
- Always count your money carefully before and after the exchange
- Exchange rates can fluctuate throughout the day. Monitor the rates and choose a time when the rate is most favorable for you.
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