What is west african money called

what is west african money called
The currency of eight independent states in West Africa. If you prefer to exchange cash, convert a small amount upon arrival enough to pay for transport from the airport to your initial hotel , then exchange the rest in town where it's cheaper.

African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange.

what is west african money called

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.

In pre-colonial times African currency included shells, ingots, Gold gold dust and gold coins the Asantearrowheads, iron, salt, cattle, goats, blankets, axes, beads, and many others.

United States Dollar (USD) and West African CFA (XOF) Currency Exchange Rate Conversion Calculator

In the early 19th century a slave could be bought in West Africa with manilla currency ; multiples of X-shaped rings of bronze or other metal that could be strung on a staff. During Colonial times roughly from to the respective colonial powers introduced their own currencies to their colonies or produced local versions of their currencies. Examples include the Somali shilling ; the Italian East African lira ; and the African franc in Francophone countries.

Many post-colonial governments have retained the name and notional value unit system of their prior colonial era currency.

what is west african money called

For example, the British West African pound was replaced by the Nigerian pound which was divided into shillings, before being replaced by the Naira. Nickel franc coins were introduced infollowed by the cupro-nickel franc coins in Small, steel 1-franc coins were introduced in struck untilfollowed by bimetallic francs in struck until Inbimetallic and franc coins were introduced.

West African CFA (XOF) Currency Exchange Rate Conversion Calculator

Inthe Institut d'Emission de l'A. With the exception of a few early issues, the notes of the BCEAO carry a letter to indicate the country of issuance.

Top 10 Strongest Currencies in Africa

Ina new series of notes was introduced in denominations of 1, 2, 5, and 10, francs, with the franc note having been replaced by a coin the year before. The newer notes contain updated security features and are more modern in design. The change was welcomed because of a perception that the old notes were dirty and disease-ridden 1.

what is west african money called

The colour of the 5,franc note was changed from blue to green. From Wikipedia, the free encyclopedia. Central Bank of West African States.

West African CFA Franc - XOF

Retrieved July 14, Standard Catalog of World Coins: The South African rand is used alongside the Namibian dollar in Namibia ; and alongside the Swazi lilangeni in Swaziland. Zimbabwe takes the title for the country with the most official currencies, however. After the collapse of the Zimbabwean dollar, it was announced that seven different currencies from across the globe would be considered legal tender in the beleaguered Southern African state.

what is west african money called

Exchange rates for many African currencies are volatile, so it's usually best to wait until you arrive before exchanging your foreign cash into local money. Often, the cheapest way to obtain local currency is to draw it directly from the ATM, rather than paying commission at airport bureaus or city exchange centers.

West African CFA franc

If you prefer to exchange cash, convert a small amount upon arrival enough to pay for transport from the airport to your initial hotelthen exchange the rest in town where it's cheaper. Make sure to download a currency converter app, or use a website like this one to double check the latest exchange rates before agreeing to a fee.

what is west african money called

Avoid converting your money into traveler's cheques - they're outdated and very rarely accepted in Africa, especially in rural areas.


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