Both currencies have existed since 1945, when they were both linked to the French franc. At the moment, one euro is worth approximately 656 CFA francs. The French central bank guarantees the value of both currencies. In return, the African countries are required to deposit 50 percent of their currency reserves in Paris. More @Wikipedia
Hover over any link to get a description of the article. Please note that search keywords are sometimes hidden within the full article and don't appear in the description or title.