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The former Portuguese colony of Guinea-Bissau adopted the CFA franc in 1997, [7] replacing the Guinea-Bissau peso at a rate of 1 CFA franc = 65 pesos. The currency was pegged to the French franc at F.CFA 1 = F 2, from 1948, becoming 1 F.CFA = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was ...
Guinea-Bissau Mali Niger Senegal Togo ; CEMAC Cameroon Central African Republic Chad Equatorial Guinea Gabon Republic of Congo Fiji Libya Eswatini Lesotho Namibia Bhutan Nepal Samoa ; Stabilized arrangement (24) Guyana
Usage of: West African CFA franc (XOF) Central African CFA franc (XAF) The CFA franc (French: franc CFA, [fʁɑ̃ seɛfɑ]) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for Communauté Financière Africaine, i.e. "African Financial Community" in English), used in eight West African countries ...
The peso was the currency of Guinea-Bissau from 1975 to 1997 and was divided into 100 centavos. It replaced the escudo at par. In 1997, in an effort to stop high inflation, Guinea-Bissau adopted the CFA franc, using a conversion rate of 65 pesos to the franc.
Many African countries change their currency's appearance when a new government takes power (often the new head of state will appear on bank notes), though the notional value remains the same. Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar ).
Colour key and notes Indicates that a given currency is pegged to another currency (details) Italics indicates a state or territory with a low level of international recognition State or territory Currency Symbol [D] or Abbrev. ISO code Fractional unit Number to basic Abkhazia Abkhazian apsar [E] аҧ (none) (none) (none) Russian ruble ₽ RUB Kopeck 100 Afghanistan Afghan afghani ؋ AFN ...
At independence in February 1975, Guinea-Bissau nationalized the Banco Nacional Ultramarino, Portuguese bank's branch, and transformed it into the country's central bank. The currency, Portuguese escudo, was replaced with Guinea-Bissau peso. [1] In 1990, the bank was renamed as the Central Bank of Guinea Bissau (Banco Central da Guiné-Bissau).
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.