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Central African CFA franc

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Central African CFA franc
Franc CFA de l'Afrique centrale (French)
فرنك م ف أ وسط أفريقيا (Arabic)
Franco CFA de África Central (Spanish)
1000 Central African CFA francs, since December 2022.Currency coins of the Central African CFA franc.
ISO 4217
CodeXAF (numeric: 950)
Unit
SymbolF.CFA‎
Nicknamecéfa, franc
Denominations
Subunit
 1⁄100centime
theoretical (unused)
Symbol
 centimec
Banknotes500, 1,000, 2,000, 5,000, 10,000 francs
Coins1, 2, 5, 10, 25, 50, 100, 500 francs
Demographics
User(s) Cameroon
 Central African Republic
 Chad
 Equatorial Guinea
 Gabon
 Republic of the Congo
Issuance
Central bankBank of Central African States
 Websitewww.beac.int
Valuation
Pegged with€1 = F.CFA 655.957
Usage of:
  West African CFA franc
  Central African CFA franc

The Central African CFA franc (French: franc CFA or simply franc; ISO code: XAF; abbreviation: F.CFA) 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 had a combined population of 55.2 million in 2020,[1] and a combined GDP of over US$100 billion (as of 2021).[2]

CFA originally stood for Colonies françaises d'Afrique ("French colonies of Africa"); following the independence of these states, its name was changed to Communauté financière africaine ("African Financial Community"). The currency is issued by the Bank of Central African States (BEAC; Banque des États de l'Afrique Centrale), located in Yaoundé, Cameroon, for the members of the Economic and Monetary Community of Central Africa (CEMAC; Communauté Économique et Monétaire de l'Afrique Centrale). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued. The production of CFA franc notes has been carried out at Chamalières by the Bank of France since its creation in 1945.

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.[citation needed]

The currency remained 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.[citation needed]

The currency was pegged to the French franc (F) at F.CFA 1 = 2 French francs from 1948, becoming F.CFA 1 = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was devalued by half to F.CFA 1 = F 0.01. From 1999 it has since been pegged to the euro at €1 = F 6.55957 = F.CFA 655.957.

On April 25, 2023, the ministerial meeting of the Economic and Monetary Community of Central Africa (Cemac) and France is held. In particular, the subject of the CFA franc was discussed. On the French side, the guarantee provided to the CFA franc, and the assurance of its convertibility, is perceived as a vector of economic stability for the region. France remains “open” and “available” to move forward on a reform of monetary cooperation in Central Africa, such as it has been able to take place in West Africa. France says it is ready to receive CEMAC's proposals.[1].

Criticism

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According to the BBC, "critics, such as those leading the anti-CFA movement, say true economic development for the 14 African countries can only be achieved if they get rid of the currency. They argue that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. They also argue that they have no say in deciding key monetary policies agreed to by European countries, which are members of the Eurozone."[3]

Coins

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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 for each of the individual member states, depicting the state name in which they were issued. 50 franc coins were also issued in this manner between 1976 and 1996, after being reduced in size. However instead of depicting the state name each was given an identification letter on the top reverse. 50 franc coins with the letter "A" were issued for Chad, "B" for Central African Republic, "C" for Congo, "D" for Gabon, and "E" for Cameroon. 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, which had recently joined the monetary union, depicting all titles and information in Spanish instead of the usual French, most notably the denomination as "franco" instead of "franc". Despite titular differences in some of the coinage, all were legal and exchangeable tender in all member nations.

In 1996, centralized production of the 100 franc coin was resumed, with a single 500 franc coin reintroduced in 1998. Despite dropping state names and code letters, the overall design of the coins remained relatively unchanged.

2006 saw a redesign of all denominations of coins for the CFA franc, along with the introduction of a 2 franc piece. The 1, 5, 10, and 25 franc coins were reduced in size, while a new bi-metallic 100 franc coin was introduced, along with a new and reduced size 500 franc coin with heightened security features, including laser marking. All newer coins depict the acronym "CEMAC" for "Communauté Économique et Monétaire de l'Afrique Centrale". Older sized coins continue to remain legal tender alongside the newly configured coins.

All CFA coins depict both a mint mark, along with an engraver's privy mark. The mint mark is located on the reverse on the left side of the denomination while the engraver's mark is located on the right.

Coins of the Central African CFA franc
Image Value Technical parameters Description Date of first minting
Diameter Thickness Mass Composition Edge Obverse Reverse
1 franc 14.94 mm 1.39 mm 1.65 grams Stainless steel Smooth Numeral "1"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "1 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006
2 francs 18 mm 1.4 mm 2.45 grams Stainless steel Smooth Numeral "2"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "2 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006
5 francs 15.9 mm 1.65 mm 2.41 grams Brass Smooth Numeral "5"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "5 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006
10 francs 18 mm 1.67 mm 3 grams Brass Reeded Numeral "10"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "10 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006
25 francs 22.75 mm 1.55 mm 4.2 grams Brass Reeded Numeral "25"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "25 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006
50 francs 22 mm 1.93 mm 5 grams Stainless steel Indented Numeral "50"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "50 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006
100 francs 24 mm 2 mm 6 grams Bi-metallic (Stainless steel center plug with a brass outer ring) Reeded Numeral "100"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "100 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006
500 francs 26 mm 2.03 mm 8 grams Copper-nickel Lettered (5 sets of 15 reeds and the non-aligned acronym "CEMAC" (Economic and Monetary Community of Central Africa) repeated 8 times alternatively up and down) Numeral "500"; legend "BANQUE DES ÉTATS DE L'AFRIQUE CENTRALE" and "500 FCFA" Denomination above agricultural products (two shrubs of cacao and cassava); legend "CEMAC" 2006

Banknotes

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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 1,000 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 1,000 francs, followed by those of 500 francs in 1949, and 5,000 francs in 1952. In 1957, the Institut d'Émission de l'Afrique Équatoriale Française et du Cameroun took over paper money production, issuing all of the earlier denominations except for the 500 -franc bill.[citation needed]

In 1961, the Banque Centrale des États de l'Afrique Équatoriale 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 États de l'Afrique Équatoriale in 1963. 10,000 franc notes were introduced in 1968, whilst the 10 franc notes were replaced by coins in 1971.[citation needed]

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, 1,000, 5,000 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. 2,000 franc notes were introduced in 1993. The country letter codes are as follows:

1993 series:

2002 series:

Banknotes of the Central African CFA franc (1993-1994 issue)
Image Value Obverse Reverse Remark
[5] 500 francs Zebus; man Antelope C (Republic of the Congo); E (Cameroon); F (Central African Republic); L (Gabon); N (Equatorial Guinea); P (Chad)
[6] 1,000 francs Coffee harvest; man Raft C (Republic of the Congo); E (Cameroon); F (Central African Republic); L (Gabon); N (Equatorial Guinea); P (Chad)
[7] 2,000 francs Tropical fruit; woman Harbor scene C (Republic of the Congo); E (Cameroon); F (Central African Republic); L (Gabon); N (Equatorial Guinea); P (Chad)
[8] 5,000 francs Oil rig workers Cotton harvest C (Republic of the Congo); E (Cameroon); F (Central African Republic); L (Gabon); N (Equatorial Guinea); P (Chad)
[9] 10,000 francs Building of the Bank of the Central African States; Yaoundé, Cameroon; woman Fishery C (Republic of the Congo); E (Cameroon); F (Central African Republic); L (Gabon); N (Equatorial Guinea); P (Chad)
Banknotes of the Central African CFA franc (2002 issue)
Image Value Obverse Reverse Remark
[10] 500 francs Classroom scene, with students learning about the French letter B Woman; huts A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[11] 1,000 francs Logging; man Fieldwork A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[12] 2,000 francs Hydroelectric dam; girl Mining scene A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[13] 5,000 francs Port; man Oil pumping station A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[14] 10,000 francs Building of the Bank of the Central African States; Yaoundé, Cameroon; woman Transport and communication A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
Banknotes of the Central African CFA franc (2022 issue)
Image Value Obverse Reverse Remark
[15] 500 francs Building of the Bank of the Central African States; Yaoundé, Cameroon; The primary colours are gray, yellow, blue, green, and orange. The central theme of this note is modern agriculture. Security features include a solid security thread with CEMAC, a watermark (three eland antelope heads), and electrotype 500 A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[16] 1,000 francs Building of the Bank of the Central African States; Yaoundé, Cameroon; The main colours are blue, yellow, red, green, and brown. The main theme of this note is health care. Security features include a solid security thread with CEMAC, a watermark (three eland antelope heads), and electrotype 1000. A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[17] 2,000 francs Building of the Bank of the Central African States; Yaoundé, Cameroon; Red, yellow, green, and gray are the main colours in this note. The theme of this note is environmental protection and fauna. Security features include Silkscreen OVI® green-to-blue stars, a Dualtrack™ color-changing windowed security thread with demetalized BEAC 2000, a watermark (three eland antelope heads), and electrotype 2000. A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[18] 5,000 francs Building of the Bank of the Central African States; Yaoundé, Cameroon; The colour scheme here is green, yellow, red, brown, and gray. The primary theme on the back side is environmental protection and fauna. Security features include SPARK Live® gold-to-green with Truspin® effect stars; a RAPID® windowed security thread with BEAC 5000; a watermark (three eland antelope heads); and electrotype 5000. A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
[19] 10,000 francs Building of the Bank of the Central African States; Yaoundé, Cameroon; Purple, yellow, red, green, and orange are the main colours. The main theme on the back side is education. Security features include SPARK Live® magenta-to-green with Truspin® effect stars, a RAPID® windowed security thread with BEAC 10000, a watermark (three eland antelope heads), and electrotype 10000. A (Gabon); C (Chad); F (Equatorial Guinea); M (Central African Republic); T (Republic of the Congo); U (Cameroon)
Current XAF exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD XOF CDF NGN
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD XOF CDF NGN
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD XOF CDF NGN
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD XOF CDF NGN

See also

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General:

References

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  1. ^ Population Reference Bureau. "2014 World Population Data Sheet" (PDF). Prb.org. Archived (PDF) from the original on 2018-02-18. Retrieved 2017-08-25.
  2. ^ World Bank. "Gross domestic product 2012" (PDF). Databank.worldbank.org. Archived (PDF) from the original on 2017-02-01. Retrieved 2013-10-01.
  3. ^ "African protests over the CFA 'colonial currency'". BBC News. 30 August 2017. Archived from the original on 2 July 2019. Retrieved 10 June 2019.
  4. ^ "Central African States banknotes - Central African States paper money catalog and CAS currency history". www.atsnotes.com. Archived from the original on 2022-09-03. Retrieved 2021-05-30.
  5. ^ "P-101C". banknote.ws. Archived from the original on 10 December 2012. Retrieved 25 August 2017.
  6. ^ "P-202E". banknote.ws. Archived from the original on 10 December 2012. Retrieved 25 August 2017.
  7. ^ "P-203E". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  8. ^ "P-204E". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  9. ^ "P-205E". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  10. ^ "P-106T". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  11. ^ "P-207U". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  12. ^ "P-208U". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  13. ^ "P-209U". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  14. ^ "P-210U". banknote.ws. Archived from the original on 11 December 2012. Retrieved 25 August 2017.
  15. ^ "Bank of Central African States Launches Redesigned Banknotes". 21 December 2022.
  16. ^ "Bank of Central African States Launches Redesigned Banknotes". 21 December 2022.
  17. ^ "Bank of Central African States Launches Redesigned Banknotes". 21 December 2022.
  18. ^ "Bank of Central African States Launches Redesigned Banknotes". 21 December 2022.
  19. ^ "Bank of Central African States Launches Redesigned Banknotes". 21 December 2022.
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Wikimedia Commons has media related to Money of the Central African States.
Preceded by:
French Equatorial African franc 		Currency of French Equatorial Africa
(Chad, Ubangi-Shari, French Congo, Gabon, French Cameroun)
1945 – 1960 		Currency of Chad
1960 – 		Succeeded by:
Current
Currency of Central African Republic
1960 – 1965
Note: formerly Ubangi-Shari 		Currency of Central African Empire
1965 – 1979 		Currency of Central African Republic
1979 –
Currency of Republic of the Congo
1960 – 1970
Note: formerly French Congo 		Currency of People's Republic of the Congo
1970 – 1992 		Currency of Republic of the Congo
1992 –
Currency of Gabon
1960 –
Currency of Republic of Cameroon
1 January 1960 – 1 October 1961 		Currency of Federal Republic of Cameroon
1 October 1961 –
Preceded by:
British West African pound
Note: Southern Cameroons joins independent Cameroon
Preceded by:
Equatorial Guinean ekwele
Ratio: 1 CFA franc = 4 bipkwele 		Currency of Equatorial Guinea
1985 –
Retrieved from "https://en.wikipedia.org/w/index.php?title=Central_African_CFA_franc&oldid=1250877662"