Since 1948, its parity with respect to its anchor currencies (first the French franc, today the euro) has been changed only once, during the 1994 devaluation. This classifies the CFA franc as a 'truly fixed' exchange rate regime, in the words of Jeffrey Frankel, that is, a very restrictive exchange rate regime in which the parity vis-à-vis the anchor currency is, in fact, fixed and not adjustable.

Fanny Pigeaud_ Ndongo Samba Sylla, Africa's Last Colonial Curr…, loc. 294