What Is the Currency of Equatorial Guinea?

Understanding a country’s currency is a practical necessity for anyone planning to visit or engage with its economy. Knowing the local monetary system facilitates smooth financial transactions and allows for effective budgeting during travel or business dealings. Familiarity with the official currency helps in navigating daily financial interactions, ensuring a more prepared experience.

Equatorial Guinea’s National Currency

Equatorial Guinea’s official currency is the Central African CFA franc. This currency is identified by the international currency code XAF, and its common symbol is FCFA or F.CFA. Equatorial Guinea adopted the Central African CFA franc in 1984, replacing its previous currency, the Equatorial Guinean ekwele. Equatorial Guinea is the only former Spanish colony within this monetary zone.

The Central African CFA Franc

The Central African CFA franc is a regional currency used by six countries within the Economic and Monetary Community of Central Africa (CEMAC):
Cameroon
Central African Republic
Chad
Republic of the Congo
Equatorial Guinea
Gabon
The currency is issued and managed by the Bank of Central African States (BEAC), headquartered in Yaoundé, Cameroon. It has a fixed exchange rate peg to the Euro, set at €1 = F.CFA 655.957. This peg, in place since 1999, provides monetary stability and helps control inflation across the CEMAC region. The fixed exchange rate also ensures unlimited convertibility, backed by the French Treasury, enhancing economic stability for member states.

Using the Currency in Equatorial Guinea

Equatorial Guinea largely operates as a cash economy, making local currency essential for most transactions. Banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 francs, while coins circulate in denominations from 1 to 500 francs. Major foreign currencies like the US dollar or Euro are generally not accepted for direct payment in daily purchases, though large hotels and guides might accept them. It is advisable to exchange foreign currency at banks or authorized exchange bureaus to ensure competitive rates and genuine currency.

Credit and debit card acceptance is limited, primarily to major hotels and airlines, with most local businesses preferring cash. Automated Teller Machines (ATMs) are available in major cities such as Malabo and Bata, accepting Visa and Mastercard. Reliance on ATMs is not always recommended due to potential unreliability or limited availability outside urban centers.