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Currency unions – Here too

6/7/2012

14 African countries, two currency unions and both currencies are called the Franc, and have the same exchange rate against other foreign currencies – but aren’t legal tender outside of the unions’ borders. Sounds a bit complicated doesn’t it? The Central African Franc, ISO code XAF, is the common currency of The Central African Republic, Equatorial Guinea, Gabon, Cameroon, The Republic of the Congo and Chad. The central bank in Yaoundé, Cameroon, issues the notes. The West African Franc, XOF, is legal tender in Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The issuer is the central bank in Dakar, Senegal.

The exchange rate is locked to the Euro, at the rate 1 Euro = 656 XAF/XOF. The countries are mainly former French colonies and the banknotes’ colours and form are reminiscent of the old French Franc.

 


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