Economics

What is the Currency of Chad?

The official currency of Chad is the Central African CFA franc.

The Central African CFA Franc

The Central African CFA franc is the official currency used in the country of Chad. However, the currency is also used by other nations in the central part of Africa like Gabon, Central African Republic, Cameroon, Guinea, and the Congo. The smallest unit of the franc is 100 centimes.

Both the CFA francs of West Africa and Central Africa are in use and valued equally, but each are circulated in their respective block.

History

The introduction of CFA franc took place under the rule of France in the year 1945. It was intended to succeed the French Equatorial African franc. Most countries have continued to use the Central African CFA francs following independence. Although the fact is true more in practice than in theory, West African francs and Central African francs are used interchangeably with one another.

CFA Coins

CFA coins exist in the form of 1, 2, 5, 10, 25, 50, and 100.

CFA Banknotes

Upon the introduction of the CFA franc, notes of different denominations have been circulated. Since the year 1993, CFA Central African notes are issued bearing a distinctive letter to differentiate the issuance by every nation. Banknotes range in size from 500 francs to 10,000 francs.

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