What is the CFA Franc?

The CFA Franc is a currency created in 1945 shortly after World War 2 as the currency of French colonies. Even after World War 2, many African countries were still under French colonial rule and France exerted considerable influence over the region. The French franc was relatively weak following World War 2. The Bretton Woods Agreement established fixed exchange rates between foreign currencies and the US dollar. The CFA Franc was intended to prevent strong devaluation which would make French exports to Africa less attractive. France presented this as an act of generosity. The truth is that you want a weaker currency if you are focusing on exports and you would want your trading partner to have a stronger currency relative to you. Another reason was that the CFA Frac was intended to standardize the patchwork of currencies used across French West and Equatorial Africa. The CFA franc provides a common unit of exchange. It effectively facilitates trade among neighboring countries.
The CFA Franc includes both the West Africa CFA Franc that is used in eight countries in West Africa and the Central Africa CFA Franc that is used in six Central African countries. Although they are separate currencies, they have always traded at parity and are essentially interchangeable in practice. Both version of the CFA Franc are pegged to the euro at a fixed exchange rate and guaranteed by the French treasury. Therefore, the monetary policy for these 14 countries is effectively set by the French government.
The CFA franc is very controversial. Opponents argue that it limits the economic sovereignty of these 14 nations. The CFA franc has been devalued many times, and new banknotes have been introduced. Proponents argue that it provides financial and fiscal stability given a fixed exchange rate and the backing of the French treasury. I would lean to believe that it is both are true to some degree at the same time. What do you think? Let me know in the comments.