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GK MCQs Section
Q. What is the official currency of Guinea-Bissau?
Answer: West African CFA franc
Notes:
  1. The official currency of Guinea-Bissau is the West African CFA franc (CFA).
  2. The CFA franc is issued by the West African Monetary Union (UMOA), which is made up of eight countries in West Africa.
  3. One CFA franc is divided into 100 centimes.
  4. The CFA franc is pegged to the euro at a fixed exchange rate of 655.957 CFA francs per euro.
  5. The CFA franc is used in countries throughout West Africa, including Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.
  6. The CFA franc was introduced in 1945 as the CFA franc of the French colonies in West Africa, and it was revalued in 1994.
  7. The CFA franc is backed by the French Treasury, which guarantees its convertibility into euros.
  8. The Central Bank of West African States (BCEAO) is responsible for issuing and regulating the CFA franc in the UMOA countries.
  9. In addition to the CFA franc, other currencies are also used in Guinea-Bissau, including the Portuguese escudo and the US dollar.
  10. The CFA franc is considered a stable and reliable currency, and it is widely accepted in the region for trade and transactions.

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