SENEGALESE FRANC Meaning and
Definition
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The Senegalese Franc is the official currency of Senegal, a country located in West Africa. It is denoted by the currency code XOF, and often symbolized as "CFA" standing for "Communauté Financière Africaine" (African Financial Community). It is part of the currency union called the West African CFA franc, which is shared by several countries in the region.
The Senegalese Franc was introduced in 1945, following the end of French colonial rule. It was initially pegged to the French Franc, and when the French Franc was replaced by the Euro, the exchange rate remained fixed to the Euro. However, it is important to note that the Senegalese Franc is not a freely convertible currency.
The currency is issued by the Central Bank of West African States (BCEAO), which is the central monetary authority responsible for maintaining price stability and managing monetary policies in the member countries. The Senegalese Franc is circulated in the form of banknotes and coins, with the Franc divided into 100 centimes.
The Senegalese Franc plays a crucial role in facilitating trade and commerce within Senegal, as well as with other West African countries participating in the currency union. It serves as a medium of exchange for goods and services, and is widely accepted in domestic markets, along with the use of electronic transactions.
Common Misspellings for SENEGALESE FRANC
- aenegalese franc
- zenegalese franc
- xenegalese franc
- denegalese franc
- eenegalese franc
- wenegalese franc
- swnegalese franc
- ssnegalese franc
- sdnegalese franc
- srnegalese franc
- s4negalese franc
- s3negalese franc
- sebegalese franc
- semegalese franc
- sejegalese franc
- sehegalese franc
- senwgalese franc
- sensgalese franc
- sendgalese franc
Etymology of SENEGALESE FRANC
The word "Senegalese" in Senegalese Franc is derived from the name of the country Senegal. Senegal is a country located in West Africa and was a former French colony.
The "Franc" part of the term "Senegalese Franc" comes from the Latin word "francus", which means "free". The Franc was a currency originally used in France and was also adopted by several other countries as their currency. France introduced the Franc to Senegal during its period of colonization, and it continued to be used even after Senegal gained independence in 1960.
The name "Senegalese Franc" thus reflects the currency used in Senegal and its historical association with France.
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