US Dollar to Guinea Franc Exchange Rate

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How can I get the best exchange rate between the US dollar and the Guinean franc?

To get the best exchange rate between the US dollar and the Guinean franc you first need to find out what the mid-market rate of the currency is. You can find this rate here on finder.com or by looking it up on search engines like Google. This is the same rate that banks use when they trade with each other, and you should compare the exchange rates you are offered to this “real” exchange rate.

If you are sending money to family or friends in Guinea, online money transfer services is likely your best option. These services usually offer you better exchange rates than the banks will do, and they also process your transaction faster. You should choose the service provider that offers an exchange rate as close to the mid-market rate as possible, but keep in mind any fixed fees that may be added on top.

US Dollar

The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
Currency:US Dollar
Currency Symbol:$
Sub unit:cents
Bank notes:$1, $5, $10, $20, $50, $100
Coins:1c, 5c, 10c, 25c, 50c

Guinea Franc

The Guinea francis the currency of the West African country of Guinea. It was introduced in 1959 to replace the CFA Franc BCEAO.
Currency:Guinea Franc
Currency Symbol:FG (possibly also Fr or GFr)
Sub unit:centime
Bank notes:100, 500, 1000, 5000, 10,000, 20,000 francs
Coins:1, 5, 10, 25, 50 francs

What affects exchange rates between the US dollar and the Guinean franc?

The Guinean franc is today a free-floating currency that is freely convertible on the global foreign exchange market. The exchange rate between the US dollar and the Guinean franc is therefore subject to the supply and demand for both currencies in the market.

Factors that can affect the exchange rate between the US dollar and the Guinean franc include political and economic developments in both the United States and Guinea, the trade balance between the two countries, political stability in the two countries and elsewhere in the world, and interest rates in both countries.

When interest rates in either the United States or Guinea rise, the exchange rate of the same country’s currency tends to follow. That happens because more foreign investors will find it attractive to buy that currency, place it in a local bank account, and earn interest on the deposit. Demand is thus created in the global marketplace for currency of the country with the higher interest rate, and the exchange rate rises as a result.

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How does the Guinean franc trade against the US dollar historically?

The Guinean franc was introduced in 1985 as the official currency of the Republic of Guinea, formerly known as French Guinea. It replaced the Guinean syli, which had been in use for about a decade before that.

Since 2008, the Guinean franc has gradually been losing value compared to the US dollar. At the height of the US Financial Crisis in 2008, you would need about 4,300 francs to buy 1 dollar. By the end of that year, the exchange rate between francs and dollars changed to about 5,000 francs per dollar. The exchange rate remained steadily at the 5,000-level until the end of 2010, when a new period of sharp decline began for the franc, dropping to about 7,700 francs per dollar by the beginning of 2011.

Between 2011 and 2016, the franc remained relatively stable against the US dollar, changing hands at about 7,000 francs per dollar. In 2016, a government-initiated devaluation of the franc occurred, slashing the value of the franc from 7,000 to about 9,000 francs per US dollar.

Since the most recent devaluation in 2016, the exchange rate between the US dollar and Guinean franc has remained steady at about 9000 francs per dollar.

US Dollar to the Guinea Franc for the last 10 days

Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 Oct 21 Oct 22
1 USD = 9799.1613 Inverse: 0.0001 9793.1013 Inverse: 0.0001 9798.7080 Inverse: 0.0001 9790.0000 Inverse: 0.0001 9790.0000 Inverse: 0.0001 9795.9163 Inverse: 0.0001 9793.8419 Inverse: 0.0001 9796.4030 Inverse: 0.0001 9797.8063 Inverse: 0.0001 9772.5099 Inverse: 0.0001

US Dollar to the Guinea Franc for the last 10 months

Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020
1 USD = 9494.2984 Inverse: 0.0001 9491.5047 Inverse: 0.0001 9422.5000 Inverse: 0.0001 9468.0499 Inverse: 0.0001 9521.5131 Inverse: 0.0001 9460.0000 Inverse: 0.0001 9579.8883 Inverse: 0.0001 9629.5355 Inverse: 0.0001 9659.3020 Inverse: 0.0001 9710.0000 Inverse: 0.0001

US Dollar to the Guinea Franc for the last 10 years

Oct 2010 Oct 2011 Oct 2012 Oct 2013 Oct 2014 Oct 2015 Oct 2016 Oct 2017 Oct 2018 Oct 2019
1 USD = 6741.9314 Inverse: 0.0001 6825.9313 Inverse: 0.0001 7109.4038 Inverse: 0.0001 6963.8970 Inverse: 0.0001 6991.6400 Inverse: 0.0001 7341.4876 Inverse: 0.0001 9103.1600 Inverse: 0.0001 9026.3000 Inverse: 0.0001 9069.0309 Inverse: 0.0001 9248.0250 Inverse: 0.0001

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