List Of Currencies In African Countries - Their Currencies

List Of Currencies In African Countries:

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The world has progressed from the barter system to its current form, the currency system.  What is a currency?  It is an form of money available as coins or paper notes.  A government issues the currency and it gets circulated in an economy.  For trade, we have to use a form of exchange and the currency forms the basis for this.  These would be local currencies and used for trade in small areas, meaning within the country.  Only the central bank of the country can issue money for circulation.  There will be a main unit for the currency and then there would be a fractional unit as well. Currency is used generally in terms of the actual money, but also can be referred to as a system of money, as in monetary units.  Originally money was seen as a receipt which was issued for a certain quantity of something (grain for example) stored at a place.

Most countries have their currency.  Some share the currencies they have. For example, in Africa, the Central African CFA franc is used in 6 countries. Same way the West African CFA franc is used with 8 countries.  Other African nations have their own currencies.  The South African rand is the only currency from Africa which is part of the most traded in the forex market internationally.  It is currently placed at the end of the top 20.  The Central African CFA and the West African CFA franc maintain a stability amongst its using nations by having a fixed rate of exchange.  They are now attached with the Euro.

Some of the other African currencies are as follows.  The Algerian dinar for Algeria, The Angolan Kwanza for Angola, the pula for Botswana, the Burundi franc for Burundi, and the loti for Lesotho.  Due to internal strife we see fluctuations in the value of many of these African currencies.

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Location: India

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