Whether you’re planning to visit Gabon or sending money to loved ones there, understanding the Central African CFA franc (XAF) is essential. As Gabon’s official currency, it has a rich history and plays a crucial role in the region’s economy.
Here’s everything you need to know about Gabon’s currency, its denominations, and tips for using it during your visit.
What Is the Gabon Currency?
The Central African CFA franc (XAF) is Gabon’s official currency, also used by five other countries in Central Africa:
- Cameroon
- Central African Republic
- Chad
- Republic of the Congo
- Equatorial Guinea
The Bank of Central African States (BEAC) issues the currency. The name “CFA” stands for Coopération Financière en Afrique Centrale or Financial Cooperation in Central Africa.
History of the Central African CFA Franc
- 1910–1945: Gabon was part of French Equatorial Africa, which used the French franc.
- 1945: The CFA franc replaced the French franc for French colonies in Africa.
- 1960: Gabon gained independence but continued to use the CFA franc.
- 1972: The BEAC was established to manage and issue the currency for Central African nations.
While the CFA franc originally stood for “Franc of the French Colonies of Africa,” it now represents financial cooperation among the independent Central African states.
Denominations of the CFA Franc in Gabon
Coins
- 1, 2, 5, 10, 25, 50, 100, and 500 francs
Banknotes
- 500, 1,000, 2,000, 5,000, and 10,000 francs
Although the franc is subdivided into 100 centimes, no centime coins are issued in Gabon.
Six Interesting Facts About Gabon’s Currency
1. The Franc Shares Its Name with Other Currencies
Gabon’s currency shares the name “franc” with the West African CFA franc (XOF), the Swiss franc, and other former colonial currencies.
2. The XAF and XOF Are Similar but Not Interchangeable
The Central African CFA franc (XAF) and the West African CFA franc (XOF) have the same value and are pegged to the euro, but they are used in different regions.
3. Only the BEAC Issues the Currency
The Bank of Central African States is headquartered in Cameroon and is the sole authority for printing and issuing XAF currency.
4. The CFA Franc Has a Fixed Exchange Rate with the Euro
The XAF is pegged to the euro at a fixed rate, meaning its value remains stable relative to the euro but can fluctuate against other currencies like GBP or USD.
5. Gabon’s Economy Is Cash-Based
Most transactions in Gabon are made with cash. While credit cards are accepted in some tourist areas, it’s best to carry local currency for smaller purchases and rural areas.
6. A New Currency May Replace the CFA Franc
The West African Monetary Union plans to replace the XOF with a new currency called the Eco. While there is debate about whether Central African countries will follow suit, no decision has been finalised.
Currency Exchange Rates for the CFA Franc
The exchange rate for the CFA franc is fixed to the euro:
- 1 EUR = 655.957 XAF
However, the rate fluctuates for other currencies like GBP and USD. To calculate how much 1 GBP equals in XAF, use an online currency converter or consult your money transfer service.
Sending Money to Gabon
Services like Remitly make it simple to send money to Gabon. With options for cash pickup, bank deposits, and mobile wallets, Remitly offers a secure and convenient way to transfer funds.
Download the app to get started, and enjoy competitive exchange rates and low fees.
