A photo of a PNB Paribas ATM receipt currently shared on social media makes people think that there has been a devaluation of the Central African CFA Franc. It seems the exchange rate applied on the receipt is €1 to XAF741.28 but we all know the CFA franc is currently tied to the euro at a fixed exchange rate of one euro to 655 CFA francs. What happened?
A scrutinized analysis of the receipt shows there is a 6% commission that has been invoiced. “I accept to be charged in XAF; conversion made with the Alternate Solutions exchange rate of May 10, 2019 with a 6% commission,” we can read on the paper. This commission rate adds up to traditional exchange fees. Thus it increases cumulative amount, meaning that one euro was at that time equivalent to XAF741.