The currency used in Burkina Faso is the West African CFA franc (XOF), which is shared across eight countries. The West African CFA franc is often abbreviated as “CFA” or “FCFA”. Introduced in 1945 under French colonial rule, it was pegged to the euro in 1999 at a fixed 655.957 CFA per €1. The name “CFA” stands for Communauté Financière Africaine, a nod to post-colonial unity, though locals just call it "franc" in daily conversation.
Now with the resources boom occurring in Burkina Faso things might be about to change, with a suggestion that the CFA franc will be replace with a local currency.
Notes of the West African CFA Franc
Notes come in 500, 1,000, 2,000, 5,000, and 10,000 CFA denominations.
Coins of the West African CFA Franc
The CFA divides into 100 centimes (mostly obsolete, you'll never see them), with practical coins in 1, 2, 5, 10, 25, 50, 100, 200, 250, and 500 CFA.
Getting change in much of West Africa is difficult as often the coins are more valuable than their face value.
Which countries use the West African CFA Franc (XOF)
The West African CFA Franc is used by eight countries. This includes: Burkina Faso, Mali, Niger, Senegal, Togo, Guinea-Bissau, Ivory Coast and Benin.
ATMs
ATMs (GABs) are available in Ouagadougou. Look for Ecobank or BICIS machines in Ouagadougou's Avenue Nagrin where Visa and MasterCard are accepted. Fees are quite high in Burkina Faso with withdrawls costing 2.5% + €4 fees.
Black Market
There is a black market, but the difference with the official market is less than 1%, making the choice a relatively easy one. The risk and discomfort of having to deal with black market traders for 1 single Euro over the course of changing 100 euros just isn’t worth it, in most people's opinions. There is a chance you may be given fake notes if you use the black market, and of course, using the black market is illegal. Very little reward for the risk.
Can you use foreign currencies in Burkina Faso?
USD and euros will be accepted for accommodation and tour costs. However, you will need to use CFA francs for your day to day purchases, such as meals and drinks, souvenirs, public transport, and such like.
Exchange Rate
The exchange rate for the CFA franc is pegged at 655 francs to 1 euro.
