1 Franc CFA

The CFA franc zone traces its structure to a 1972 agreement that split the original single currency into two parallel blocs — one for West Africa, one for Central Africa — each with its own issuing bank but both pegged to the French franc, and later the euro, at a fixed rate. France's guarantee of convertibility, long defended as monetary stability, has drawn sustained criticism from African economists and governments as a mechanism that keeps monetary policy outside the hands of the issuing states. The 1 franc denomination has essentially no purchasing power in modern Central African economies.