Central African CFA franc

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Central African CFA franc
franc CFA BEAC  (French)
CFA.jpg Africacoins.png
1000 Central African CFA francs Currency coins
ISO 4217 code XAF
Central bank Bank of Central African States
 Website www.beac.int
User(s) Cameroon Cameroon
Central African Republic Central African Republic
Chad Chad
Republic of the Congo Republic of the Congo
Equatorial Guinea Equatorial Guinea
Gabon Gabon
Pegged with euro = CFA 655.957
Subunit
 1/100 centime
Symbol FCFA
centime c
Nickname céfa, franc
Coins 1, 2, 5, 10, 25, 50, 100, 500 francs
Banknotes 500, 1000, 2000, 5000, 10,000 francs
Usage of:
     West African CFA franc
     Central African CFA franc

The Central African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XAF) is the currency of six independent states in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries have a combined population of 45.0 million people (as of 2013),[1] and a combined GDP of US$88.2 billion (as of 2012).[2]

CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). It is issued by the BEAC (Banque des États de l'Afrique Centrale, "Bank of the Central African States"), located in Yaoundé, Cameroon, for the members of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, "Economic and Monetary Community of Central Africa"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

In several west African states, the West African CFA franc, which is of equal value to the Central African CFA franc, is in circulation.

History[edit]

Main article: CFA franc

The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The Equatorial African colonies and territories using the CFA franc were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari.

The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984, replacing the Equatorial Guinean ekwele at a rate of 1 franc = 4 bipkwele.

Coins[edit]

In 1948, coins were issued for use in all the colonies (not including French Cameroun) in denominations of 1 and 2 francs. This was the last issue of a 2-franc coin for nearly 50 years. In 1958, 5-, 10- and 25-franc coins were added, which were also used in French Cameroun. These bore the name Cameroun in addition to États de l'Afrique Equatoriale. In 1961, nickel 50-franc coins were introduced, followed by nickel 100-franc pieces in 1966.

From 1971, the 100-franc coins were issued by the individual states. In 1976, cupro-nickel 500-franc coins were introduced. From 1985, these were also issued by the individual states. That year also saw the introduction of 5-, 25-, 50- and 100-franc coins for use in Equatorial Guinea.

In 1996, centralized production of the 100-franc coin was resumed, with a single 500-franc coin reintroduced in 1998. In 2006, a steel 2-franc coin was introduced.

Banknotes[edit]

When the CFA franc was introduced, notes issued by the Caisse Centrale de la France d'Outre-Mer ("Central Cashier of Overseas France") in denominations of 5, 10, 20, 100 and 1000 francs were in circulation. In 1947, a new series of notes was introduced for use in French Equatorial Africa, although the notes did not bear the name of the colonies. Notes were issued in denominations of 5, 10, 20, 50, 100 and 1000 francs, followed by those of 500 francs in 1949, and 5000 francs in 1952. In 1957, the Institut d'Emission de l'Afrique Equatoriale Française et du Cameroun took over paper money production, issuing all of the earlier denominations except for the 5000-franc bill.

In 1961, the Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun took over banknote production, with notes below 100 francs ceasing to be issued. The name of the bank changed to Banque Centrale des Etats de l'Afrique Equatoriale in 1963. 10,000-franc notes were introduced in 1968, whilst the 100-franc notes were replaced by coins in 1971.

In 1975, the bank name changed again to the Banque des États de l'Afrique Centrale and the individual states began issuing notes in their own names, in denominations of 500, 1000, 5000 and 10,000 francs. This practice ended in 1993. Since then, the banknotes have been issued with only a letter prominently displayed to distinguish between the issues of the different states. 2000 franc notes were introduced in 1993.

Banknotes of the Central African CFA franc
Image Value Obverse Reverse Remark
[3] 500 francs Zebus; man Antelope C (Republic of the Congo; 1993-2002 issue); E (Cameroon; 1993-2002 issue); F (Central African Republic; 1993-2000 issue); L (Gabon; 1993-2002 issue); N (Equatorial Guinea; 1993-2000 issue); P (Chad; 1993-2000 issue)
[4] 500 francs Classroom scene Woman; huts T (Republic of the Congo; 2002 issue); U (Cameroon; 2002 issue); M (Central African Republic; 2002 issue); A (Gabon; 2002 issue); F (Equatorial Guinea; 2002 issue); C (Chad; 2002 issue)
[5] 1000 francs Coffee harvest; man Raft C (Republic of the Congo; 1993-2002 issue); E (Cameroon; 1993-2002 issue); F (Central African Republic; 1993-2000 issue); L (Gabon; 1993-2002 issue); N (Equatorial Guinea; 1993-2000 issue); P (Chad; 1993-2000 issue)
[6] 1000 francs Logging; man Fieldwork T (Republic of the Congo; 2002 issue); U (Cameroon; 2002 issue); M (Central African Republic; 2002 issue); A (Gabon; 2002 issue); F (Equatorial Guinea; 2002 issue); C (Chad; 2002 issue)
[7] 2000 francs Tropical fruit; woman Harbor scene C (Republic of the Congo; 1993-2002 issue); E (Cameroon; 1993-2002 issue); F (Central African Republic; 1994-2002 issue); L (Gabon; 1993-2002 issue); N (Equatorial Guinea; 1993-2000 issue); P (Chad; 1993-2000 issue)
[8] 2000 francs Hydroelectric dam; girl Mining scene T (Republic of the Congo; 2002 issue); U (Cameroon; 2002 issue); M (Central African Republic; 2002 issue); A (Gabon; 2002 issue); F (Equatorial Guinea; 2002 issue); C (Chad; 2002 issue)
[9] 5000 francs Oil rig workers Cotton harvest C (Republic of the Congo; 1994-2000 issue); E (Cameroon; 1994-2002 issue); F (Central African Republic; 1994-1999 issue); L (Gabon; 1994-2000 issue); N (Equatorial Guinea; 1994-2000 issue); P (Chad; 1994-2000 issue)
[10] 5000 francs Port; man Oil pumping station T (Republic of the Congo; 2002 issue); U (Cameroon; 2002 issue); M (Central African Republic; 2002 issue); A (Gabon; 2002 issue); F (Equatorial Guinea; 2002 issue); C (Chad; 2002 issue)
[11] 10,000 francs Banque des États de l'Afrique Centrale (Bank of the Central African States) building (Yaoundé, Cameroun), woman Fishery C (Republic of the Congo; 1994-2002 issue); E (Cameroon; 1994-2002 issue); F (Central African Republic; 1994-2000 issue); L (Gabon; 1994-2002 issue); N (Equatorial Guinea; 1994-2000 issue); P (Chad; 1994-2000 issue)
[12] 10,000 francs Banque des États de l'Afrique Centrale building (Bank of the Central African States) (Yaoundé, Cameroun), woman Transport and communication T (Republic of the Congo; 2002 issue); U (Cameroon; 2002 issue); M (Central African Republic; 2002 issue); A (Gabon; 2002); F (Equatorial Guinea; 2002 issue); C (Chad; 2002 issue)
Current XAF exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD

See also[edit]

General:

References[edit]

External links[edit]