List of Currencies in Africa: From Colonial Era to Present Day

Africa has a rich and diverse history of currencies, with many countries having their own unique exchange systems. The continent's colonial past played a significant role in shaping the currencies we see today.

The British introduced the pound sterling to many African countries, while the French brought the franc. The Belgian Congo, for example, used the Belgian Congo franc, which was pegged to the Belgian franc. The currency was later replaced by the Zaire in 1967.

The use of colonial currencies continued even after independence, with many countries adopting the currency of their former colonial power. In some cases, the currency was simply renamed to reflect the country's new status. For instance, the South African Rand was introduced in 1961, replacing the South African pound.

Today, Africa has a mix of currencies, including the Rand, the Egyptian Pound, and the Nigerian Naira, among others.

In pre-colonial Africa, many objects were used as currency, including shells, gold, salt, cattle, and even beads. These items were often used in bartering and trade.

The slave trade in the 19th century introduced the use of Manila currency, which consisted of rings of bronze or other metal that could be used for ornaments. This was a significant development in the history of African currencies.

Different colonial powers introduced their own currencies in their colonies, such as the Italian East Africa Lira and the African Franc. Some countries retained these currencies after independence, while others changed the name.

In pre-colonial times, many objects were used as currency in Africa, including shells, ingots, gold, arrowheads, iron, salt, cattle, goats, blankets, axes, and beads.

Gold was used in various forms, such as gold dust and gold coins, with the Asante people using gold coins.

A slave could be bought in West Africa with manilla currency, which consisted of X-shaped rings of bronze or other metal that could be strung on a staff.

These alternative currencies were often used in conjunction with one another, reflecting the diverse economic systems of pre-colonial Africa.

In pre-colonial Africa, many objects were used as currency, including shells, ingots, gold, salt, cattle, goats, blankets, axes, and beads.

Some of the items used as currency before colonial rule included shells, ingots, gold, salt, cattle, blankets, arrowheads, axes, iron, and beads.

During the slave trade in the 19th century, slaves could be bought with Manila currency, rings of bronze or other metal that could be used for ornaments.

The East African Rupee was used in East Africa as a result of the trade relationship between Arabia and India, but it was later replaced by the East African Shilling when the British became the principal power in the region.

Many countries in Africa have modified the appearance of their currency over time, often featuring the new head of state on the banknotes.

In some rural areas of Africa, bartering is still a common practice, where an item is exchanged for another of immediate value rather than using the official currency.

During colonial times, the respective colonial powers introduced their own currencies to their colonies or produced local versions of their currencies.

The Somali shilling, Italian East African lira, and African franc were among the currencies introduced by colonial powers. Many post-colonial governments retained the name and notional value unit system of their prior colonial era currency.

The British West African pound was replaced by the Nigerian pound, which was divided into shillings, before being replaced by the naira. This change was a common occurrence in many African countries.

The East African rupee was replaced by the East African shilling after the British became the predominant power in the region. This change was a result of the shift in the predominant foreign power relationship.

Some countries, such as Botswana, threw off the dominant currency of a neighbor and introduced their own currency, the Botswana pula, in 1976.

The West African Monetary Zone (WAMZ) has proposed a common currency for all West Africa states, the Eco. This currency is expected to replace the CFA franc, which is currently used by several West African countries.

The CFA franc is used by 14 countries, including Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Côte d'Ivoire, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Republic of the Congo, Senegal, and Togo.

A new plan was adopted in 2021, aiming to launch the Eco in 2027.

The West African Monetary Zone (WAMZ) has proposed a common currency for all West Africa states, the Eco.

The Eco is meant to replace the CFA franc, but no plan had been established as of January 2021.

A change in plan was made in 2021, aiming to launch the Eco in 2027.

Côte d'Ivoire president Alassane Ouattara expected the Eco to be implemented in 3 to 5 years, but due to the COVID-19 pandemic, the timeline was pushed back.

In East Africa, the East African Community planned to introduce a single currency, the East African shilling, until 2012.

However, this plan was delayed several times, initially to 2024, and then again to 2031.

Africa is home to a diverse range of currencies, reflecting the continent's rich cultural heritage. The South African rand is one of the most widely traded currencies in Africa, with a symbol of "R".

The West African CFA franc (XOF) is used in eight countries, including Benin, Burkina Faso, and Niger. It's also used in six other countries, including Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea, and Gabon.

The Namibian dollar is pegged to the South African rand and has a symbol of "N$". The Nigerian naira is the official currency of Nigeria and has a symbol of "₦".

The Kenyan shilling is the official currency of Kenya and has a symbol of "KSh". The Tanzanian shilling is the official currency of Tanzania and has a symbol of "TSh".

The following table shows some of the modern currencies used in Africa:

The Rwandan franc is the official currency of Rwanda and has a symbol of "FRw". The São Tomé and Príncipe dobra is the official currency of São Tomé and Príncipe and has a symbol of "Db".

Country-specific currencies in Africa are a reflection of the continent's rich history and diverse cultures. Many countries have their own unique currencies, often with interesting stories behind their introduction and usage.

The Libyan Dinar, for instance, was introduced in 1971 and replaced the pound at the same valuation. It's made up of 1000 dirham, which was originally known as milliemes. This is a great example of how countries have adapted their currencies over time.

Here's a list of some African countries and their official currencies:

Some countries, like Uganda, have maintained their currency even after gaining independence. This is a testament to the importance of a country's currency in its identity and economy.

The Kenyan shilling is the official medium of exchange in Kenya and is made of 100 sub-units known as cents.

The shilling was introduced in 1966 and replaced the regional East African Shilling at the same valuation, making it a significant change in currency for the region.

In contrast, the South African Rand, which is used in four countries, was introduced by the colonial government in 1961 and replaced the South African Pound.

The Rand depreciated in value in the 1980s due to international pressure and sanctions, but it remains a widely used currency in the continent.

The Zambian Kwacha, known as the most valuable currency in the continent, was originally known as the Zambian pound and was introduced after Zambia gained independence in 1964.

It's worth noting that the Kwacha is also used in Malawi, but is known as the Malawi Kwacha, highlighting the complex currency landscape in Africa.

The Libyan Dinar saw a significant fall in valuation in 2011 during the Arab Spring, but the Libyan Central Bank has since started the process of replacing the circulating notes which bear the image of the deposed leader.

The Kenyan shilling is the strongest currency in the East African region, a testament to the country's economic stability.

In some African countries, like Botswana, the local currency has replaced the dominant currency of neighboring countries, such as the South African Rand.

The Zimbabwe dollar, also known as the Zim dollar, was the official currency of Zimbabwe until 2009. It was introduced in 1980 and replaced the Rhodesian dollar at the same dollar rates.

The Zimbabwe dollar saw a massive inflation, reaching an unprecedented level of 1000%. This hyperinflation made the government demonetize the currency in 2009, allowing international currencies to be used instead.

The biggest impact of the Zimbabwe dollar's hyperinflation was on the economy of Zimbabwe. Prices skyrocketed, and the value of the currency plummeted, making it difficult for people to afford basic necessities.

Here is a list of the top 5 countries in Africa that have experienced similar economic challenges:

It's worth noting that Zimbabwe has since adopted the Zimbabwean bond note, which is currently in circulation.

Africa is home to a diverse range of currencies, each with its own unique characteristics and uses. The continent has a total of 54 countries, and each one has its own official currency.

Some of the most widely used currencies in Africa include the South African rand, the Nigerian naira, and the Egyptian pound. These currencies are widely accepted and traded across the continent.

The African Monetary Union has established a common currency, the CFA franc, which is used by several countries including Benin, Burkina Faso, and the Central African Republic. This currency is pegged to the Euro and is used for international trade and commerce.

Here is a list of some of the most widely used currencies in Africa:

The use of multiple currencies can sometimes make international trade and commerce more complex, but it also allows for greater economic flexibility and diversity.