Ekpwele is a noun that refers to the currency unit used in Equatorial Guinea, a country located in Central Africa. The word "ekpwele" originates from the Fang ethnic group of Equatorial Guinea, who have been the dominant group in the country. This currency unit was introduced in 1985 to replace the Spanish Peseta that was formerly used during the colonial period.
The ekpwele is further divided into 100 céntimos as its subunit. Notes and coins are issued for circulation in various denominations, including 1, 5, 10, 25, 50, and 100 ekpweles.
The ekpwele serves as the legal tender in Equatorial Guinea, allowing residents and visitors to conduct various monetary transactions within the country. Its value fluctuates against other major currencies in the international foreign exchange market, and its exchange rate is determined by economic factors and market forces.
As with any currency, the ekpwele is regulated and managed by the central bank of Equatorial Guinea, which is responsible for overseeing the monetary policy of the country. The central bank is tasked with maintaining price stability and managing the supply of currency in circulation to ensure the economic well-being of the nation.
In summary, the ekpwele functions as the official currency unit of Equatorial Guinea, facilitating financial transactions within the country's economy.
