5 Francs – French West Africa

By 1956, the currency situation in French West Africa (Afrique-Occidentale française, AOF) was defined by its integration into the Franc Zone and the use of the CFA franc. Created in 1945, the CFA franc (Colonies Françaises d'Afrique) was pegged at a fixed rate to the French franc and was fully guaranteed by the French Treasury. This arrangement ensured monetary stability and facilitated trade with France, but it also meant that the AOF’s monetary policy was entirely directed from Paris, with foreign exchange reserves held centrally in France. The currency was issued by a common central bank, the Banque Centrale des États de l’Afrique de l’Ouest (BCEAO), which served all eight territories of the federation.

This monetary system was a cornerstone of the colonial economic pact, deeply binding the region's economy to that of France. The fixed parity and free convertibility encouraged French investment and guaranteed a market for AOF’s raw material exports, such as peanuts, cocoa, and cotton. However, it also limited the federation's economic autonomy, preventing competitive devaluations and locking it into an economic structure primarily designed to benefit the metropole. The currency was a powerful symbol of continued French influence and control, even as political winds began to shift.

The year 1956 fell within a crucial period of political transition, following the passage of France's Loi-Cadre (Framework Law). This law granted substantial internal autonomy to the territories of the AOF, beginning the process of political devolution that would eventually lead to independence in 1960. While the Loi-Cadre reformed political structures, it deliberately left the monetary and financial framework unchanged. Therefore, the currency situation in 1956 represented a key continuity amidst political change—a stable but dependent system that the emerging states would later have to confront as they navigated the path to sovereignty.