Central African CFA franc
Encyclopedia
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 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 centime
s 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.
. 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.
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.
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 Centrale 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.
French language
French is a Romance language spoken as a first language in France, the Romandy region in Switzerland, Wallonia and Brussels in Belgium, Monaco, the regions of Quebec and Acadia in Canada, and by various communities elsewhere. Second-language speakers of French are distributed throughout many parts...
: franc CFA or simply franc, ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code: XAF) is the currency of six independent states in central Africa, Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
, Central African Republic
Central African Republic
The Central African Republic , is a landlocked country in Central Africa. It borders Chad in the north, Sudan in the north east, South Sudan in the east, the Democratic Republic of the Congo and the Republic of the Congo in the south, and Cameroon in the west. The CAR covers a land area of about ,...
, Chad
Chad
Chad , officially known as the Republic of Chad, is a landlocked country in Central Africa. It is bordered by Libya to the north, Sudan to the east, the Central African Republic to the south, Cameroon and Nigeria to the southwest, and Niger to the west...
, Republic of the Congo
Republic of the Congo
The Republic of the Congo , sometimes known locally as Congo-Brazzaville, is a state in Central Africa. It is bordered by Gabon, Cameroon, the Central African Republic, the Democratic Republic of the Congo , the Angolan exclave province of Cabinda, and the Gulf of Guinea.The region was dominated by...
, Equatorial Guinea
Equatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
and Gabon
Gabon
Gabon , officially the Gabonese Republic is a state in west central Africa sharing borders with Equatorial Guinea to the northwest, Cameroon to the north, and with the Republic of the Congo curving around the east and south. The Gulf of Guinea, an arm of the Atlantic Ocean is to the west...
. 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
Yaoundé
-Transportation:Yaoundé Nsimalen International Airport is a major civilian hub, while nearby Yaoundé Airport is used by the military. Railway lines run west to the port city of Douala and north to N'Gaoundéré. Many bus companies operate from the city; particularly in the Nsam and Mvan neighborhoods...
, Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
, 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 centime
Centime
Centime is French for "cent", and is used in English as the name of the fraction currency in several Francophone countries ....
s but no centime denominations have been issued.
In several west African states, the West African CFA franc
West African CFA franc
The West African CFA franc is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. The acronym CFA stands for Communauté financière d'Afrique...
, which is of equal value to the Central African CFA franc, is in circulation.
History
The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African francFrench Equatorial African franc
The franc was the currency of French Equatorial Africa. The French franc circulated, together with distinct banknotes from 1917 and coins from 1942...
. The Equatorial African colonies and territories using the CFA franc were Chad
Chad
Chad , officially known as the Republic of Chad, is a landlocked country in Central Africa. It is bordered by Libya to the north, Sudan to the east, the Central African Republic to the south, Cameroon and Nigeria to the southwest, and Niger to the west...
, French Cameroun, French Congo
French Congo
The French Congo was a French colony which at one time comprised the present-day area of the Republic of the Congo, Gabon, and the Central African Republic...
, Gabon
Gabon
Gabon , officially the Gabonese Republic is a state in west central Africa sharing borders with Equatorial Guinea to the northwest, Cameroon to the north, and with the Republic of the Congo curving around the east and south. The Gulf of Guinea, an arm of the Atlantic Ocean is to the west...
and Ubangi-Shari. The currency continued in use when these colonies gained their independence. Equatorial Guinea
Equatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea where the capital Malabo is situated.Annobón is the southernmost island of Equatorial Guinea and is situated just south of the equator. Bioko island is the northernmost point of Equatorial Guinea. Between the two islands and to the...
, the only former Spanish colony in the zone, adopted the CFA franc in 1984, replacing the Equatorial Guinean ekwele
Equatorial Guinean ekwele
The ekwele or ekuele was the currency of Equatorial Guinea between 1975 and 1985. Although nominally divided into 100 céntimos, no subdivisions were issued...
at a rate of 1 franc = 4 bipkwele.
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.
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 1975, 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, 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.
See also
- African Central BankAfrican Central BankThe African Central Bank is one of the three financial institutions of the African Union. Over time, it will take over responsibilities of the African Monetary Fund....
- Amero
- AMUAMUAs an abbreviation, AMU may refer to:* Adam Mickiewicz University, Poznań, Poland* African Mathematical Union* Aligarh Muslim University, Aligarh, India* American Military University, Charles Town, West Virginia* Arab Maghreb Union...
- Council of Arab Economic UnityCouncil of Arab Economic UnityThe Council of Arab Economic Unity was established by Egypt, Iraq, Jordan, Kuwait, Libya, Mauritania, Palestine, Saudi Arabia, Somalia, Sudan, Tunisia, Syria, United Arab Emirates and Yemen on 3 June 1957...
(CAEU) - Economy of CameroonEconomy of CameroonFor a quarter-century following independence, Cameroon was one of the most prosperous countries in Africa. The drop in commodity prices for its principal exports —petroleum, cocoa, coffee, and cotton — in the mid-1980s, combined with an overvalued currency and economic mismanagement,...
- Economy of the Central African RepublicEconomy of the Central African RepublicThe Central African Republic is classified as one of the world's least developed countries, with an estimated annual per capita income of $700 ....
- Economy of ChadEconomy of ChadLandlocked Chads economic development suffers from its geographic remoteness, drought, lack of infrastructure, and political turmoil. About 85% of the population depends on agriculture, including the herding of livestock. Of Africa's Francophone countries, Chad benefited least from the 50%...
- Economy of the Republic of the CongoEconomy of the Republic of the CongoThe economy of the Republic of the Congo is a mixture of village agriculture and handicrafts, an industrial sector based largely on petroleum extraction, support services, and a government characterized by budget problems and overstaffing. The Congo's growing petroleum sector is by far the...
- Economy of Equatorial GuineaEconomy of Equatorial GuineaEquatorial Guinea is a small country at the west coast of Central Africa. Despite a per capita GDP of more than US$30,000 which is as of 2008 the twentieth highest in the world, Equatorial Guinea ranks 121st out of 177 countries on the United Nations Human Development Index.-Economy...
- Economy of GabonEconomy of GabonGabon enjoys a per capita income four times that of most nations of sub-Saharan Africa. This has supported a sharp decline in extreme poverty; yet because of high income inequality a large proportion of the population remains poor.-Resources:...
- ECOWAS
- EuroEuroThe euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
- French Equatorial African francFrench Equatorial African francThe franc was the currency of French Equatorial Africa. The French franc circulated, together with distinct banknotes from 1917 and coins from 1942...
- Monetary union
- Snake in the tunnelSnake in the tunnelThe snake in the tunnel was the first attempt at European monetary cooperation in the 1970s, aiming at limiting fluctuations between different European currencies...
- West African CFA francWest African CFA francThe West African CFA franc is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. The acronym CFA stands for Communauté financière d'Afrique...