The official Niger currency is the CFA Franc. The ISO Code of The Niger currency is XOF and it is sub-divided into 100 centimes.
Historical facts about Niger money:
As the currency of Niger, CFA Franc came into existence around 1945, to replace the existing French franc which had weakened following the Second Wold War. In case of Niger, it shares the CFA franc with 14 other nations of the world.
Today, the Central Bank of Niger is entrusted with the responsibility of handling the financial assets of the country. Issuing Niger currency notes is solely under the jurisdiction of the Central Bank.
Coinage system in Niger:
Coins of Niger are available in the following denominations:
Banknotes in Niger:
In Niger, paper notes appear in the following denominations:
With respect to the validity of money in Niger, only those issued by Bank of West African States is legitimate.
Presently, the CFA Franc is tied to the Euro at 655.959:1, following France’s inclusion in the European Monetary Union.
Debit and credit cards:
Well-known credit cards like Master Card and Diners Club allow restricted payment of Niger currency.
Payment of Niger money through traveler’s cheques are accepted in almost all airline offices, restaurants, shopping centers and hotels located within the country. However, tourists carrying such cheques while traveling abroad are advised to have them in Euros, to avoid extra charges at the time of exchanging them in foreign lands.
Commercial rates of Niger currency:
CFA franc (8th June, 2006) = 512.5 $
Tourist rates of currency of Niger:
CFA franc (8th June, 2006) = 925 Sterling
Movement of Money in Niger:
Import of local currency is don on an unlimited basis. There is also no restrictions imposed on both export and import of foreign currencies. However, with respect to the export of local currency, the maximum permissible amount is 25,000 CFAfr.
Trend in the Exchange rates of Niger currency
|Name of the Currencies||Exchange Rate on May||Exchange Rate on August 2004||Exchange Rate on November 2004||Exchange Rate on February 2005|
From the above table we can see that Niger currency , in the year 2004 appreciated till November against dollar and there was a depreciation thereafter. The same trend is observed for Niger currency against Sterling.