There are two different CFA francs: the West African CFA franc (XOF) and the Central African CFA franc (XAF).
- The current official exchange rate for 1 West African CFA franc (XOF) to Nigerian Naira (NGN) is about 2.7 Naira.
- The current official exchange rate for 1 Central African CFA franc (XAF) to Nigerian Naira (NGN) is about 2.71 Naira.
- However, the black market exchange rate for 1 West African CFA franc (XOF) to Naira is much higher, around 2600 Naira.
The official exchange rates are close to 2.7 Naira per CFA franc, while the black market rate can be extremely different and much higher, reflecting different market dynamics.
