The West African CFA franc is the currency used by eight West African countries that are members of the West African Economic and Monetary Union (UEMOA). The eight countries are Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The currency is issued by the Central Bank of West African States (BCEAO) and is pegged to the euro at a fixed exchange rate. It is abbreviated as XOF and is subdivided into 100 centimes.