Niger, officially the Republic of the Niger, is a landlocked country in West Africa named after the Niger River.
Niger is bordered by Libya to the northeast, Chad to the east, Nigeria to the south, Benin to the southwest, Mali to the north-west, Burkina Faso to the south-west, and Algeria to the northwest. The country's predominantly Muslim population of about 22 million live mostly in clusters in the far south and west of the country.
Introduction to the West African CFA Franc
Handling money in Niger is straightforward and essential for a smooth visit. Niger uses the West African CFA franc (XOF or FCFA), a currency shared by eight West African countries. The West African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XOF; abbreviation: F.CFA) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
The initialism CFA stands for Communauté Financière Africaine (transl. African Financial Community). The currency is issued by the Central Bank of West African States (BCEAO; Banque Centrale des États de l'Afrique de l'Ouest), located in Dakar, Senegal, for the members of the UEMOA. The franc is nominally subdivided into 100 centimes but no coins or banknotes denominated in centimes have ever been issued.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states.
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Value and Exchange Rates
It is pegged to the euro at a fixed rate of 655 XOF per 1 euro, providing stability. The exchange rate is roughly 600 XOF per US dollar.
Here's a quick overview of the XOF exchange rate against USD:
| Currency | Exchange Rate (Approximate) |
|---|---|
| 1 USD to XOF | 600 XOF |
| 1 EUR to XOF | 655 XOF |
Practical Money Handling in Niger
ATMs in Niamey are fairly common, especially around Kennedy Bridge where banks like Ecobank and UBA accept Visa and Mastercard with typical withdrawal fees of 2-3% plus about €4. Niger’s unofficial currency exchange is low-key. Anticorruption efforts in 2025 have reduced informal markets near borders like Illela.
Major expenses like luxury hotels, tour packages, and wildlife park permits sometimes accept US dollars and euros.
History of the CFA Franc
The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French Sudan, Mauritania, Niger, Sénégal, Togo and Upper Volta. In 1973, Mauritania replaced the CFA franc with the ouguiya at a rate of 1 ouguiya = 5 francs. Mali readopted the CFA franc in 1984, at a rate of 1 CFA franc = 2 Malian francs.
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The currency was pegged to the French franc at F.CFA 1 = F 2, from 1948, becoming 1 F.CFA = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was devalued by half to F.CFA 1 = F 0.01.
The Truth about the CFA Franc Currency
Coins of the CFA Franc
In 1948, aluminium 1 and 2 franc coins were introduced. These were followed in 1956 by aluminium-bronze 5, 10, and 25 francs. All carried the name "Afrique Occidentale Française". In 1957, 10 and 25 franc coins were issued with the name of "Togo" were minted for use in that country; these were issued only for that year.
From 1959 onward, the overall size and composition of the coins changed little, however "République française" and the stylized Marianne bust was dropped from all coins, replaced with the title "Banque Centrale des États de l'Afrique de l'Ouest" with the design on the 1, 5, 10, and 25 francs featuring a gazelle's profile, carried over from colonial issues, and a tribal mask between the denomination, which has become the emblem of the West African monetary union.
Nickel-Steel 100 franc coins were introduced in 1967, followed by the cupro-nickel 50 franc coins in 1972. These also featured the familiar tribal mask. Small, stainless steel 1 franc coins were introduced in 1976, replacing the larger aluminum 1 franc coins, and were struck until 1995. The 10 and 25 franc coins saw a redesign in 1980, depicting a family using a water pump and a young woman with chemistry tools, respectively.
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A bimetallic 250 franc coin was introduced in 1992 to reduce excess change. These coins, however, proved to be unpopular in many regions and were discontinued after 1996. They are however, still legal tender. In 2003, bimetallic 200 and 500 franc coins were introduced, replacing smaller denomination notes. All CFA coins depict both a mint mark, along with an engraver's privy mark.
Banknotes of the CFA Franc
When the CFA franc was introduced, notes issued by the Banque Centrale des États de l'Afrique Occidentale in denominations of 5, 10, 25, 50, 100, and 1,000 francs were in circulation. 500 franc notes were added in 1946, followed by those of 5,000 francs in 1948. In 1959, the BCEAO took over the issuance of paper money and reintroduced a 5,000 franc note. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance. 50-franc notes were last issued in 1959, with 100 francs not issued since 1965.
In 2004, a new series of notes was introduced in denominations of 1,000, 2,000, 5,000, and 10,000 francs, with the 500 franc note having been replaced by a coin the year before. The newer notes contain updated security features and are more modern in design. The change was welcomed because of a perception that the old notes were dirty and disease-ridden. The colour of the 5,000-franc note was changed from blue to green.
Controversies and Debates
There has been some debate over whether the West African CFA franc serves as a way for France to keep influence in the region, allegedly to the detriment to these nations. For example, France guarantees the value of the currency as long as the central banks of all of the nations involved keep at least 50% of their foreign reserves in the French treasury. Some see this as a way to keep the currency stable while other see it as limiting the economic independence of the West African nations that are involved.
Even though during the early 1950s to the mid-1980s, CFA countries experienced higher real GDP growth and lower inflation rates than non-CFA Sub-Saharan countries, the economic shocks of the 1986 and 1993 caused the CFA franc to become increasingly overvalued and run increased deficits in the French treasury. Some policymakers have argued that the CFA franc be tied to a basket of currencies rather than one currency as it currently is. Also, they state that the reserve requirement should be restructured in order to give CFA countries more economic freedom.
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