Central African CFA Franc - XAF
Definition of 'Central African CFA Franc - XAF'
The currency of six independent states in central Africa. The Central African CFA franc uses both coins and banknotes, and is subdivided into centimes. The currency is regulated by the Bank of Central African States. Members include Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.
CFA stands for "Communatué financière d'Afrique" (African Financial Community).
Investopedia explains 'Central African CFA Franc - XAF'
Along with the West African CFA franc, the Central African CFA franc makes up the currency of most of central and west Africa. It was introduced after the second world war and replaced the French Equatorial African franc. It is now pegged to the euro.