Un mot d'Histoire - Site Institutionnel de la Guinée Equatoriale

CURRENCIES OF EQUATORIAL GUINUEA

Two currencies have been in use in the traditional societies of Equatorial Guinea:

The Bubi used Roiga obtained from shells.
The Fangs used Ekuele, a metallic object in the form of an arrow peak.

The first pesetas notes were introduced by the Spanish. The Equato-Guinean peseta was created in 1969. It could not be converted but its parity was in line with the Spanish peseta. Since December 25th, 1979, this currency has been converted into notes and coins called bikwele (the plural form of ekwele).

In 1978, a program of gold and silver was presented at the occasion of the 11th anniversary of President Marcias Nguema in power. During this period, there are practically no more "ordinary" bikweles in circulation in the country and trade by buter settles progressively.

On August 9th, 1979, the new president declared that his uncle may have burnt about 3 billion bikwele in his bunker at Nzang-Ayong where he entrenched with his Cuban and north Korean advisers after he was destituted. The country became member of the CFA zone in 1985.