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In this paper, we will examine the effects of Carrier Frequency Offset (CFO) on the OFDM signals. We will also show the deterioration in Bit Error Rate (BER) as well as the loss in Signal to Noise Ratio (SNR) due to the CFO for an OFDM system. The paper also presents comparative analysis between three different CFO estimation methods namely: Cyclic Prefix (CP) based estimation technique, Symbol based estimation method and Pilot Tone based estimation scheme. The comparison is done in terms of Mean Square Error (MSE) by using MATLAB Software.