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| 正面铭文 | REPUBLICA DE GUINEA ECUATORIAL BANCO POPULAR MALABO 7 DE JULIO DE 1975 QUINIENTOS EKUELE (Translation: Republic of Equatorial Guinea People's Bank Malabo, 7th July, 1975 Five Hundred Ekuele) |
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| 背面铭文 | BANCO POPULAR QUINIENTOS EKUELE PALACIO NACIONAL AFRICA THOMAS DE LA RUE & COMPANY, LIMITED (Translation: People's Bank Five Hundred Ekuele African National Palace Thomas De La Rue & Company, Limited) |
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Equatorial Guinea's brief experiment with the Ekuele — introduced in 1975 after the country abandoned the Peseta Guineana — coincided almost exactly with the most brutal phase of Francisco Macías Nguema's dictatorship. The currency reform was largely cosmetic, a nationalist gesture while the economy was collapsing from mass forced labor, the expulsion of foreign workers, and the near-total destruction of the cocoa sector that had previously made the territory one of Africa's wealthier colonial economies.
Thomas De La Rue produced the series to a competent technical standard, but the issuing authority, Banco Popular, was itself a political instrument with no meaningful independence. The Ekuele series was short-lived; after Macías was overthrown and executed in 1979, the country adopted the CFA Franc.