GNF - Guinea Franc

DEFINITION of 'GNF - Guinea Franc'

The currency abbreviation for the Guinea franc, the national currency of Guinea. The GNF is actually the second franc for the country; the first was issued in 1959 and replaced the previously used CFA franc. That franc was replaced by the Guinean syli, which was used in the country from 1971–1985. The second Guinean franc replaced the syli in 1985.

BREAKING DOWN 'GNF - Guinea Franc'

Fourteen West African countries still use the CFA franc; together they make up the African Financial Community. Twelve of the 14 are former French colonies. The Republic of Guinea was formerly known as French Guinea; today it is often referred to as Guinea-Conakry (the name of the capital city) to distinguish it from its neighboring country Guinea-Bissau.