The Central African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XAF) is the currency of six independent states in central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.
CFA stands for Coopération financière en Afrique centrale ("Financial Cooperation in Central Africa"). It is issued by the BEAC (Banque des États de l'Afrique Centrale, "Bank of the Central African States"), located in Yaoundé, Cameroon, for the members of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, "Economic and Monetary Community of Central Africa"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.
The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both the CFA franc; the West African CFA franc and the Central African CFA franc are guaranteed by the French treasury. Although theoretically separate, the currencies are effectively interchangeable. Both CFA Francs currently have a fixed exchange rate to the euro: 100 CFA francs = 1 former French (nouveau) franc = 0.152449 euro; or 1 euro = 655.957 CFA francs exactly.
The CFA franc was introduced to the French colonies in Equatorial Africa in 1945, replacing the French Equatorial African franc. The Equatorial African colonies and territories using the CFA franc were Chad, French Cameroun, French Congo, Gabon and Ubangi-Shari.
Unlike the Euro coinage - which is issued by each member country separately - the CFA Franc has both common and national issues. All common circulating coins are issued under the authority of CEMAC ("Communauté Économique et Monétaire de l'Afrique Centrale" - Economic and Monetary Community of Central Africa) and have no issuing country. Separately, each member country can strike coins bearing its national symbols; these coins are legal tender in the other members of the bloc too.