25 Ekuele

Equatorial Guinea issued this denomination in 1975, just three years after the country abandoned the CFA franc and introduced the ekuele — a currency closely tied to the political project of Francisco Macías Nguema, whose regime was by that point sliding into one of the most violent dictatorships in postcolonial African history. The name "Banco Popular" reflected Macías's ideological branding rather than any conventional central banking structure.

Thomas De La Rue handled the printing throughout this short-lived series. The ekuele itself was replaced by the bipkwele in 1975, the same year this note was dated, making the entire 25 ekuele issue effectively transitional.