Equatorial Guinea / 0 Products

Equatorial Guinea, situated on the west coast of Central Africa, is a small, oil-rich nation comprising Rio Muni on the mainland and several islands, the largest being Bioko Island, home to the capital city, Malabo. With a population of around 1.5 million, Equatorial Guinea ranks among Africa's smallest countries in both size and population.

The Central African CFA franc originated during the colonial period when Equatorial Guinea was under Spanish rule. After gaining independence in 1968, Equatorial Guinea joined the Monetary and Economic Community of Central Africa (CEMAC), adopting the Central African CFA franc as its common currency, along with other nations in the region.

Designated by the currency code XAF, with the symbol FCFA or simply F, the Central African CFA franc is pegged to the euro at a fixed exchange rate of 1 euro = 655.957 XAF, through a monetary cooperation agreement with France, ensuring its convertibility.

Available in both coins and banknotes, common coin denominations include 1, 2, 5, 10, 25, 50, 100, and 500 francs. While US dollars and euros are widely accepted, particularly in tourist areas and for larger transactions, the Central African CFA franc remains the primary medium of exchange for day-to-day transactions and within local communities in Equatorial Guinea.

The adoption of a common currency like the Central African CFA franc facilitates trade and economic cooperation among member countries of the CEMAC, although it also means limited control over monetary policy, as the currency is managed centrally by the BEAC.

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