CAMEROON CURRENCY
The CFA (Communautè Financière d’Afrique) is the name for two currencies used in Africa which are guaranteed by the French treasury. They are the “west African CFA franc’’and the ‘’central African CFA franc’’ .Both currencies are interchangeable and have a fixed exchange rate.
Cameroon is politically found in the central African sub region therefor it uses the CFA franc of this zone. The ISO currency code for the central African countries is XAF.
The CFA franc was created in December 1945.It came into existence because the French franc lost its value after the world war two. The French franc was devalued so as to set fixed exchange rate with the US dollar. New currencies were created in French colonies to spare them the effects of currency devaluation France was experiencing.
Countries of the central African sub region have a common central bank known as the BANK OF CENTRAL AFRICAN STATES. This bank regulates and serves the monetary community of central African countries.
1 euro=655.957 CFA FRANC
1USD=622.557 CFA FRANC
1GBP=764.679 CFA FRANC
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