List of African Currencies You Should Really Know

African currencies were formed from basic objects to create a medium of exchange. It used to include shells, ingots, gold, iron, salt, livestock and many other materials and goods.

The continent is still a long way from then. This began to change in the 17th century, when the European colonial powers found their way onto the continent and introduced their own currency system in each of the countries they administered.

Today, various African countries have their unique currencies, introduced with independence in the 20th century. These currencies are used for trading inside and outside their borders.

The different African currencies have their strengths and weaknesses. The Libyan dinar, for example, has an exchange rate of less than 2 Libyan dinars to one dollar. The South African Rand is one of the most commonly traded currencies in the international foreign exchange market. Since then, the Zimbabwean dollar has died, being replaced by the US dollar, the South African rand and the Zambian kwacha in Zimbabwe.

Despite independence and sovereignty, some countries still share a specific unit of currency. There are currently eight independent countries using the West African Franc as their currency. There is also the Central African CFA franc, which is used as a unit of currency by six independent countries.