Currency Rates for Central African Franc
Bank Exchange Rates for Central Africa - XAF - Central African Franc - FCFA. The foreign exchange rates for Central Africa also known as the ISO code XAF or the Central African Franc currency and as a symbol FCFA.
Send Money Transfer to Central Africa. Coins in circulation are available in the denominations 1, 2, 5, 10, 25, 50, 100 and 500 francs, whilst banknotes are available in 500, 1,000, 2,000, 5,000 and 10,000 francs.
The Central African Franc popularly abbreviated as CFA, is a currency used by six independent states in Central Africa. These states include Central African Republic, Chad, Cameroon, Democratic Republic of Congo, Equatorial Guinea and Gabon. The currency is issued y Bank of the Central African States with its headquarters in Yaound Cameroon. The currency is in circulation and is subdivided into 100 centimes.
History of the Currency
The Central African Franc was created in 1945 to act as a legitimate currency for the French colonies. The currency replaced the French Equatorial African franc. Even after these countries gained independence, the currency continued to function and is still a recognized currency. In 1994 the currency dropped its value drastically to the French franc by nearly half. This was occasioned by the enormous rise in prices of imported foodstuffs, oil, and many other things. The currency also got a setback in 1980 when the region experienced a sharp fall in prices of cocoa, coffee, and cotton which are the main source of money in the region. This made the region to export less, therefore, resulting in a decline in investments and foreign exchange.
Coin Denominations Available
All the colonies using Central African franc adopted the use of coins in 1948. Coins were then available in denominations of 1 and 2, 5, 10, 25, and 50. 100 franc coin was later introduced. In 1998, a single 500 franc coin was incorporated to circulation.
Banknote Denominations Available
The Central African franc was introduced with banknotes in denominations of 5, 10, 20, 100 and 1000 franc. New series of banknotes were later incorporated to existing ones which saw the addition of 50, 500 and 5000 franc denominations. In 1961, the bank eliminated production of banknotes below the value of 100 franc and replaced with coins, and introduced 10000 franc note. in 2003, the bank introduced 2000 banknote into the already existing denominations. The notes bear a letter of different states to distinguish between the states.
GBP to XAF
Covering six independent states, the Central African Franc is the currency of Chad, Central African Republic, Cameroon, the Republic of the Congo, Gabon, and Equatorial Guinea. This currency covers both Central and West Africa and is known by the ISO code XAF in Central Africa and XOF in West Africa. Bank Exchange Rates for Central African Franc. The foreign exchange rates for Central Africa also known as the ISO code XAF. Send money transfer online with us with the cheapest options.