Currency of Gabon

Currency of Gabon

The currency of Gabon is CFA Franc. The ISO code of CFA Franc is XAF and this currency is used by 5 other Central African countries as well. The value of this currency is not much high as one CFA Franc is equal to 0.0020 USD and in reverse 1 USD is equal to 500 CFA Francs (rates according September, 2012).

CFA Franc was issues by the French Empire in its colonies in 1945. French masters first issues the coins of 1 Franc and 2 Franc in these colonies by replacing French Equatorial African franc which was earlier used in these colonies. France introduced this new currency because of sudden and sharp devaluation of its previous currency after the World War 2. The notes of this currency are issues by the Bank of The Central African States (Banque des États de l’Afrique Centrale). This bank has a head quarter in Yaoundé, Cameroon. Individual countries can issue these notes with only one word identification of the state which issues it. Initially, the notes of 5,10,50 and 100 were issues but now a days only the notes of 500, 1000, 2000, 5000 and 10,000 are in circulation.

Gabon Currency Cfa Franc