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Equatorial Guinea - Central African Franc - Currency Guide

 

Foreign exchange guide to Equatorial Guinea and the Central African Franc (XAF)

   

General Currency Info - Central African Franc

The Central African CFA franc (XAF) is the currency of six independent states in Central Africa - Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. The currency was introduced to the previously French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The currency continued in use when these colonies gained their independence. Equatorial Guinea, the only former Spanish colony in the zone, adopted the CFA franc in 1984.

In several west African states the West African CFA franc (currency code XOF) is in circulation, such as Benin - West African CFA franc. The West African CFA franc is of equal value to the Central African CFA franc.

Both XAF and XOF currencies are referred to as the CFA franc.

   

XAF News, Forecasts and Trends

The Central African CFA franc has a fixed rate of exchange with the euro (and previously the French franc) set at 1 euro = 655.957 CFA francs.

The CFA franc is characterised as a credible and stable currency, a significant virtue given the experience of most currency-issuing African nations.

The below interactive chart shows the USD to XAF exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to XAF 90-day trend
 
ALERTS:4-DAY1.7% | 30-DAY LOWS |
USD/XAF at 591.48 was trading 1.4% below AVG:599.86 with LO:573.21 and HI:615.33 (90 days). ALERTS: USD/XAF was DOWN 1.7% this 4-DAY period and also dropped to 30-DAY LOWS.

US Dollar to Central African Franc - Historical Rates

USD/XAFPeriod to 28-MayDateRate
1.1% ▼1 Week21 May 2020599.0696
2.2% ▼30 Days28 Apr 2020605.5370
0.4% ▼90 Days28 Feb 2020594.8433
0.6% ▲1 Year29 May 2019588.9096
0.9% ▼5 Years30 May 2015598.0232
14% ▲10 Years31 May 2010519.5475
USD/XAF 10 year rates & changes to 28-May-2020 (592.4775)

US Dollar to Central African Franc - Quick Conversions

USD XAF
U$ 1 FCFA 591.03
U$ 5 FCFA 2,955
U$ 10 FCFA 5,910
U$ 20 FCFA 11,821
U$ 50 FCFA 29,552
U$ 100 FCFA 59,103
U$ 250 FCFA 147,758
U$ 500 FCFA 295,515
U$ 1,000 FCFA 591,030
U$ 2,000 FCFA 1,182,060
U$ 5,000 FCFA 2,955,150
U$ 10,000 FCFA 5,910,300
U$ 50,000 FCFA 29,551,500
U$ 100,000 FCFA 59,103,000
More amounts
USD XAF
U$ 0.0017 FCFA 1
U$ 0.0085 FCFA 5
U$ 0.0169 FCFA 10
U$ 0.0338 FCFA 20
U$ 0.0846 FCFA 50
U$ 0.1692 FCFA 100
U$ 0.4230 FCFA 250
U$ 0.8460 FCFA 500
U$ 1.6920 FCFA 1,000
U$ 3.3840 FCFA 2,000
U$ 8.4600 FCFA 5,000
U$ 16.92 FCFA 10,000
U$ 84.60 FCFA 50,000
U$ 169.20 FCFA 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Equatorial Guinea?

The domestic currency in Equatorial Guinea is the Central African Franc.

What is the Central African Franc currency code and symbol?

The three letter currency code for the Central African Franc is XAF — symbol is FCFA.

Which countries use the Central African Franc?

It is the domestic currency in    Cameroon,   Central African Republic,   Chad,   Congo,   Equatorial Guinea and Gabon.

Is the Central African Franc a closed currency?

No, the Central African Franc is freely available and convertible. See guide: What is a closed currency?

 

Travel, Currency and Money saving tips for Equatorial Guinea

The capital, Malabo, boasts fascinating colonial architecture alongside sleek oil company high-rises, yet retains its African flavour with colourful markets and a bustling port. On Bioko Island, are volcanic views, fishing villages, rainforests full of endangered primates, vibrant birdlife and shores of nesting sea turtles.

What currency should I use in Equatorial Guinea?

Cash is king in Equatorial Guinea. Make sure you have plenty of foreign currency to exchange for large purchases such as airline tickets. Equatorial Guinea is a part of the French Monetary Area, and the Bank of Central African States (Banque des Etats de l’Afrique Centrale) issues currency called the Communaute Financiere Africaine franc, which is abbreviated XAF or CFA.

ATMs can be found at all banks in Malabo and Bata, but not elsewhere. They often don't work, only take Visa cards and only give small amounts (usually no more than CFA100,000 per day), meaning frequent trips to the bank. Note that many ATMs start to run dry from Thursday evenings in anticipation of the weekend. This is particularly noticeable towards the end of the month. You can change euros or US dollars at banks in most towns or bureaux de change such as Pecunia Express that has branches in both Malabo and Bata.

Credit cards can only be used in top-end hotels and restaurants. Local airlines and car-hire agencies do not generally accept credit cards. You cannot withdraw cash over the counter in banks using your credit card.

Getting around in Equatorial Guinea.

Malabo International Airport lies 9km west of the city centre.. In the main building, there is a cafe, a bank that is only open during banking hours, and an ATM that often does not accept cards. It's worth having euros or dollars in small denominations if you are unable to withdraw cash and have to pay for a taxi in foreign currency.

Roads are excellent in Equatorial Guinea. There are tolls on all roads outside of the cities that cost CFA500 per vehicle. Car hire is expensive: expect to pay at least CFA70,000 per day, and there's a hefty deposit of around CFA250,000.In towns and cities, there are plenty of shared taxis to hail for short journeys. They are usually white with a coloured stripe along the side. They will hoot if they're free, and if they are not going in your direction, will simply drive away. There is no railway in Equatorial Guinea.

 

Travel money for Equatorial Guinea

Save money and time by Ordering your Central African Franc online from Travelex, you get better rates and can pick up the XAF cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Central African Franc otherwise you may get much worst exchange rates.

 

Sending money to Equatorial Guinea

When searching around for information on how to get a good exchange rate when sending money to Equatorial Guinea you need to start with finding out the latest Central African Franc foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


Get a better deal for foreign transfers to Equatorial Guinea

When sending money to Equatorial Guinea it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Central African Franc amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted XAF amount will be transfered to the recipient account you specify in Equatorial Guinea.

Use our Send to Central African Franc calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Central African Franc deposited into the recipient bank account and less margins and fees kept by the banks!


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