About: The currency code for Francs is XOF. CFA Franc was created on the 26th of December 1945. The value of the XOF (CFA) franc has been criticized as being too high. Economists believed that the elite of African countries can buy imported manufactured goods cheaply at the expense of farmers who cannot easily export agricultural products. XOF Francs are used in fourteen countries. These fourteen countries have a combined population of 147.5 million people.