The Central African CFA franc, ISO code XAF, is the common currency of the CEMAC monetary union in Central Africa.
It is used by six countries:
Cameroon
Central African Republic
Chad
Republic of the Congo
Equatorial Guinea
Gabon
It is issued by the BEAC, the Bank of Central African States, headquartered in Yaoundé, Cameroon.
Quick facts
Currency code: XAF
Region: Central Africa
Monetary union: CEMAC
Countries: 6
Issuer: BEAC
Euro peg: 1 EUR = 655.957 XAF
USD relationship: indirect through EUR/USD
What XAF is used for
Inside the CEMAC zone, XAF is the core settlement currency for:
Local business payments,
Payroll,
Domestic operating expenses,
Taxes,
And regional commerce among member states.
In external trade, however, businesses frequently encounter EUR and USD.
That means the commercial chain often looks like this:
Why the euro peg matters
The euro peg defines XAF:
This gives businesses a stable euro relationship.
For a euro-denominated invoice, the XAF amount is straightforward to calculate. That supports planning, pricing and treasury predictability.
XAF and the U.S. dollar
There is no direct XAF/USD peg.
XAF’s relationship to USD is a function of:
The fixed XAF/EUR rate; and
The market EUR/USD rate.
So as EUR/USD moves, XAF/USD moves.
Who creates XAF?
XAF is created and managed by the BEAC.
Key roles of BEAC include:
Issuing notes and coins,
Conducting regional monetary policy,
Reserve management,
Payment-system development,
And foreign-exchange regulation within the CEMAC framework.
Strengths of XAF
Monetary stability from the euro anchor.
Easier trade inside the CEMAC zone.
Predictability for euro-linked transactions.
Regional integration through a common currency.
Limitations of XAF
Reduced monetary-policy independence for individual countries.
Dependence on euro movements.
Limited exchange-rate flexibility.
External trade may still carry meaningful USD exposure.
Is XAF the same as XOF?
Not operationally.
XAF and XOF have the same nominal external value because each is pegged to the euro at the same parity, but they belong to different monetary unions and are not the same legal tender in the same places.
Read:
Primary and authoritative sources
This content cluster was researched and updated for September 2026. Exchange rates versus currencies other than the euro vary over time. For operations, always confirm the current rate, the sending/receiving bank’s terms, and any country-specific compliance requirements.