Cameroon - Money
Currency & Money
CFA (Communauté Financière Africaine) Franc (XAF; symbol CFA) = 100 centimes. Notes are in denominations of CFA10,000, 5,000, 2,000, 1,000 and 500. Coins are in denominations of CFA250, 100, 50, 25, 10, 5, 2 and 1.
Cameroon, together with CAR, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon, belongs to an economic and monetary community sharing a common currency, the Banque des États de l'Afrique Centrale (Bank of Central African States) CFA Franc, which is pegged to the Euro. The CFA Franc issued by the Banque des États de l'Afrique de l'Ouest (Bank of West African States), used in the ECOWAS countries further west, has the same value but is not legal tender in Cameroon.
Major credit cards are accepted on a very limited basis (some airline offices and hotels will take them). Cards cannot be used in banks to obtain cash advances.
To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in Euros, although it is possible to exchange Sterling traveller's cheques. Commission rates tend to be high.
Foreign currencies must be declared when imported when their value is 1 million FCA and higher. Export of local currency is limited to XAF20,000. There is no limit on the export of foreign currency.
Euros are the easiest currency to exchange. US Dollars are the next most acceptable. Travellers should bring cash in preference to traveller's cheques.
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