Last Updated on May 11, 2021 by GhanaBusiness.Net
List of currencies in Africa / List Of African Currencies You Really Should Know. African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange. This started to change from the 17th century onwards, as European colonial powers introduced their own monetary system into the countries they administered.
As African countries achieved independence during the 20th century, some retained the new denominations that had been introduced, though others renamed their currencies for various reasons. Today inflation often creates a demand for more stable (but forbidden) foreign currency, while in rural areas the original bartering system is still in widespread usage. As of January 1, 2013, the Zambian Kwacha (ZMW) has the strongest currency in Africa.
List Of African Currencies You Really Should Know. African currencies used to include shells, ingots, gold, iron, salt, cattle, and many other materials and goods. The continent is now a long way from then and different African countries now have their unique currencies with which they trade within and outside their borders.
Different African currencies are now in circulation, of which two, the West African CFA franc and the Central African CFA franc are used in 8 independent countries and 6 independent countries respectively.
The different African currencies have their strengths and weaknesses. The Libyan Dinar, for instance, has an exchange rate of less than 2 Libyan dinars to a dollar. The South African Rand is among the most-traded currencies in the international forex market and the Zimbabwean dollar has since died and been replaced in Zimbabwe by the US dollar and the South African Rand. Below we list all currencies of Africa with their ISO-4217 codes.
List of African Currencies
|Benin||West African CFA franc||XOF|
|Burkina Faso||West African CFA franc||XOF|
|Cabo Verde||Cape Verdean escudo||CVE|
|Cameroon||Central African CFA franc||XAF|
|Central African Republic||Central African CFA franc||XAF|
|Chad||Central African CFA franc||XAF|
|The Democratic Republic of the Congo||Congolese franc||CDF|
|Congo||Central African CFA franc||XAF|
|Cote d’Ivoire||West African CFA franc||XOF|
|Equatorial Guinea||Central African CFA franc||XAF|
|Gabon||Central African CFA franc||XAF|
|Guinea-Bissau||West African CFA franc||XOF|
|Mali||West African CFA franc||XOF|
|Niger||West African CFA franc||XOF|
|Sao Tome and Principe||Sao Tome and Principe dobra||STD|
|Senegal||West African CFA franc||XOF|
|Sierra Leone||Sierra Leonean Leone||SLL|
|South Africa||South African Rand||ZAR|
|South Sudan||South Sudanese pound||SSP|
|Togo||West African CFA franc||XOF|
|Zimbabwe||United States dollar||USD|