Central African CFA franc

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Central African CFA franc
franc CFA BEAC (French)
1000 Central African CFA francs Member countries
1000 Central African CFA francs Member countries
ISO 4217 Code XAF
User(s) Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, Gabon
Pegged with euro = CFA655.957
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
Central bank Banque des États de l'Afrique Centrale
Website www.beac.int

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. 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 Yaounde, 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.

Contents

[edit] History

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.

[edit] Coins

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.

[edit] Banknotes

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 1974, the bank name changed again to the Banque Centrale des États de l'Afrique Centrale and the individual states began issuing notes in their own names, in denominations of 500, 1000, 500 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.

Current XAF exchange rates
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[edit] See also

[edit] External links

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Currencies named franc or similar
Circulating
Burundian franc · CFA franc (Central African CFA franc · West African CFA franc) · CFP franc (New Caledonian franc · French Polynesian franc) · Comorian franc (فرنك) · Congolese franc · Djiboutian franc (فرنك) · Guinean franc · Liechtenstein frank · Rwandan franc (frank) · Swiss franc (Franken, franco)
Obsolete
Aargau Frank · Algerian franc · Appenzell Frank · Basel Frank · Belgian franc (frank) · Berne Frank · Cambodian franc · Dominican franco · French Camerounian franc · French Equatorial African franc · French Guianan franc · French West African franc · French franc · Fribourg Frank · Geneva franc · Glarus frank · Graubünden Frank · Guadeloupe franc · Katangan franc · Korçë frange · Luccan franco · Luxembourgian franc (Frang, Frank) · Luzern Frank · Malagasy franc · Malian franc · Martinique franc · Monegasque franc · Moroccan franc (فرنك) · New Hebrides franc · Réunion franc · Rwanda and Burundi franc · Saar franc (Frank) · St. Gallen Frank · Schaffhausen Frank · Schwyz Frank · Solothurn Frank · Thurgau Frank · Ticino franco · Tunisian franc (فرنك) · Unterwalden Frank · Uri Frank · US occupation franc (unofficial) · Vaud franc · Vlorë frank · Westphalian Frank · Zürich Frank
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Currencies of Africa
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