25000 Francs / 5000 Ariary

Madagascar's dual-denomination system — Franc and Ariary printed simultaneously on the same note — was a transitional arrangement that persisted for decades before the Ariary finally replaced the Franc as sole legal tender in 2005. The 5:1 conversion rate between the two units traces back to the old Malagasy Franc's colonial arithmetic, and the co-printed values were a practical concession to a population that thought in both systems at once.

Banque de France printed this series throughout its run, a retained relationship from the franc zone era even after Madagascar had long since left the CFA framework.