Gabon Currency

Gabon currency is Communaute Financiere Africaine franc. The currency is represented by the symbol CFA. The currency code of Gabon currency is XAF.The CFA franc can be exchanged easily. Gabon is a member nation of Central African Monetary And Economic Union. The CFA franc has 100 subdivision. The subdivision are known as centimes.

Denomination of Gabon currency:

Banknotes:

Banknotes are in denomination of CFA franc500, CFA franc1000, CFA franc2000, CFA franc5000, CFA franc10000.

Coins:

Coins belonging to Gabon currency are available in the following denomination.
CFA fr1, CFA fr 5, CFA fr 10, CFA fr 25, CFA fr50, CFA fr 100, CFA fr 250.

Gabon currency as legal tender issued by the Banque des Etats de Afrique Centrale or Bank Of Central African States is accepted. Banknotes issued by the Bank Of West African State is not accepted.
The CFA is a very stable currency and is seldom influenced by the changing market conditions of the country. Gabon benefits immensely owing to the stable nature of Gabon currency.

The CFA franc was subjected to devaluation in the year 1994 by approximately 50%. This affected Gabon economy to a large extent. It led to inflation for a short spell. 9.8% was the rate of inflation (average) during the period 1990 through 1996. 2.9% was the rate of inflation attained in the year 1999. Devaluation of CFA franc proved to be advantageous for Gabon. The change was reflected in Gabon's trade sector. In global markets, traditional exports became more competitive. Adversely, due to devaluation, standards of living of the common people nosedived. This in turn encouraged poverty. The reason being, while the prices of consumer goods escalated, the salary of the common people remained more or less stagnant.