what is the guinea franc gnf 
gnf is the currency abbreviation for the guinea franc the national currency of the republic of guinea a country in west africa the republic of guinea was formerly known as french guinea today it is often referred to as guinea conakry which refers to the name of its capital city to distinguish it from its neighboring country guinea bissau as of august 2023 us 1 is equal to roughly 8 586 gnf understanding the guinea franc gnf the gnf is actually the second franc used as a currency in the country guinea was a french colony and gained its independence in 1958 prior to this the currency used in guinea was the cfa franc which between 1945 and 1958 was an abbreviation for the franc for colonies fran aises d afrique or former french colonies in africa in 1959 after guinea s independence the first guinean franc was issued as the country s currency 1 it was then replaced by the guinean syli which was used in the country from 1971 to 1985 in 1985 the second guinean franc replaced the syli at par guinea s economy is fueled by a rich reserve of minerals gold high grade iron ore and diamonds additionally it boasts the one of the world s largest reserves of bauxite which is one of the main exports for the west african nation 2however the country which has a gdp of 16 1 billion as of 2021 has faced stalled economic growth because of political instability 3 additionally the ebola virus slowed down guinea s economic growth in 2014 and 2015 4 however the country s gdp grew by 3 9 in 2021 the most recent year for which official data is available 5the gnf and cfa francguinea used to be part of the franc zone of former french colonies using the cfa franc as its official currency until its independence many of its neighboring nations 14 west african countries in total 12 of which are former french colonies still use the cfa franc together they make up the african financial community 6the cfa was created in 1945 after world war ii to keep from devaluing money in french colonies prior to this currencies in the french colonies were pegged to the french franc which was devalued with the signing of the bretton woods agreement in 1944 7