"= 1 pound. This made Nigeria the last former British colony to abandon the £sd currency system in favour of the decimal currency system. There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended. The currency sign is . The name ""naira"" is simply a contraction of ""Nigeria"", while the subdivision, ""kobo"", is a local pronunciation of English ""copper."" Rampant inflation has occurred in Nigeria. The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased"
"in bronze and the higher denominations in cupro-nickel. The ½ kobo coins were minted only that year. In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1 naira. On 28 February 2007, new coins were issued in denominations of 50 kobo, 1 and 2 naira, with the 1 and 2 naira bimetallic. Some Nigerians expressed concerns over the usability of the ₦2 coin. The deadline for exchanging the old currency was set at 31 May 2007. The central bank stated that the ½ to 25 kobo coins were withdrawn from"
"key interest rate 6 times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies. As of 20 June 2016, the naira was allowed to float, after being pegged at 197 to one US dollar for several months. Trades speculated the natural range of the naira would be between 280 and 350 to the dollar. In 1973, coins were introduced in denominations of ½, 1, 5, 10 and 25 kobo, with the ½ and 1 kobo"
"Zairean zaire The Zaire (French: ""Zaïre""), was the unit of currency of the Democratic Republic of the Congo and then of the Republic of Zaire from 1967 until 1997. There were two distinct currencies. All but six of the 79 series of banknotes issued bear the image of Mobutu Sese Seko. The Zaire (French: ""Zaïre""), symbol: ""Z"", or sometimes ""Ƶ"", was introduced in 1967, replacing the ""Congolese franc"" at an exchange rate of 1 zaire = 1000 francs. The zaire was subdivided into 100 ""makuta"" (singular: ""likuta"", symbol: ""K""), each of 100 ""sengi"" (symbol: ""s""). However, the sengi was worth"
"Congo once more, on 16 May 1997. In 1993, notes were issued by the Bank of Zaire in denominations of 1, 5, 10 and 50 new makuta, 1, 5, 10, 50 and 100 new zaires. These were followed, in 1994, by notes for 200 and 500 new zaires. In 1995, 1000, 5000 and 10,000 new zaire notes were introduced, whilst in 1996, notes for 20,000, 50,000, 100,000, 500,000 and 1,000,000 new zaires were added. All of the new zaire notes feature a portrait of Mobutu Sésé Seko in uniform with cap. Zairean zaire The Zaire (French: ""Zaïre""), was the unit"
"are printed in polymer, while the 500 córdobas note is printed on cotton paper substrate.On 1 December 2016, the Banco Central de Nicaragua introduced a 1,000 córdobas banknote to ease high-value transactions. A commemorative design was issued on 1 December 2016 to commemorate the 100th anniversary of the death of poet Rubén Darío and a regular issue was issued on 2 January 2017. , the Central Bank of Nicaragua has used a crawling peg scheme, devaluing the córdoba against the United States dollar by 5% per annum. Nicaraguan córdoba The córdoba (, sign: C$; code: NIO) is the currency of"
"swallows all the other rivers"", another name of the Congo river). General Mobutu became Mobutu Sésé Seko and forced all his citizens to adopt African names and many cities were also renamed. Some of the conversions are as follows: Additionally, the zaïre was introduced to replace the franc as the new national currency. 100 makuta (singular likuta) equaled one zaïre. The likuta was also divided into 100 sengi. However this unit was worth very little, so the smallest coin was for 10 sengi. Many other geographic name changes had already taken place, between 1966 and 1971. The adoption of Zairian,"
"Namibian dollar The Namibia dollar (symbol: $; code: NAD; ) has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. The dollar replaced the South African rand, which had been the country's currency while it was under South African rule as South-West Africa from 1920 until 1990, at par. The rand is still legal tender, as the Namibian dollar is linked to the South African rand and can be exchanged on a one-to-one basis locally. Namibia was"
"with units whose values are in the ratio five to one: the Mauritanian ouguiya (MRO) is equivalent to five khoums, and the Malagasy ariary (MGA) to five iraimbilanja. In practice, however, the value of each of these two larger units is very small: as of 2010, the MRO is traded against the euro at about 370 to one, and the MGA at about 2,900 to one. In each of these countries, the smaller denomination is no longer used, and coins denominated in khoums and iraimbilanja are no longer minted. Therefore, in practice, they are neither decimal nor non-decimal currencies as"
"of Namibian pattern coins denominated in South African Rand dated 1990. This short-lived tender was cited in the 2005 edition of Krause's 'Unusual World Coins'. Namibian dollar The Namibia dollar (symbol: $; code: NAD; ) has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. The dollar replaced the South African rand, which had been the country's currency while it was under South African rule as South-West Africa from 1920 until 1990, at par. The rand is"
"Congolese franc The franc is the currency of the Democratic Republic of the Congo. It is subdivided into 100 ""centimes"". During Belgian colonial rule, currency denominated in centimes and francs was issued for use in Congo. These francs were equal in value to the Belgian franc. From 1916, the Congolese franc also circulated in Rwanda and Burundi. From 1952, the currency was issued bearing the names Belgian Congo (either ""Congo Belge"" or ""Belgische Congo"") and ""Ruanda-Urundi"". In 1960, Rwanda and Burundi adopted their own franc, whilst, between 1960 and 1963, Katanga also issued its own franc. The franc remained Congo's"
"francs. Congolese franc The franc is the currency of the Democratic Republic of the Congo. It is subdivided into 100 ""centimes"". During Belgian colonial rule, currency denominated in centimes and francs was issued for use in Congo. These francs were equal in value to the Belgian franc. From 1916, the Congolese franc also circulated in Rwanda and Burundi. From 1952, the currency was issued bearing the names Belgian Congo (either ""Congo Belge"" or ""Belgische Congo"") and ""Ruanda-Urundi"". In 1960, Rwanda and Burundi adopted their own franc, whilst, between 1960 and 1963, Katanga also issued its own franc. The franc remained"
"Zambia one hundred kwacha note The one hundred kwacha note of Zambia is a denomination of the Zambian currency. The current paper note, first issued in 2013 features the Freedom Statue in Lusaka, the issuing authority of legal tenders in Zambia, in the middle there is the National Assembly, the face value of the banknote in words in the lower left corner, and in numerals in the other three corners and the new printer imprint Giesecke & Devrient at the lower right corner, there is also a Buffalo on the reverse. The obverse features the African fish eagle which is"
"exports: 0 kWh (2006 est.) Electricity - imports: 0 kWh (1998) Agriculture - products: cocoa, coffee, sugar, palm oil, rubber; cattle; okoume (a tropical hardwood); fish Current account - balance $591 million (2010 est.) Currency: 1 Communauté financière africaine franc (CFAF) = 100 centimes Exchange rates: Communauté financière africaine francs (CFAF) per US$1 – 507.71 (2010), 472.19 (2009), 447.81 (2008), 481.83 (2007), 522.89 (2006), 647.25 (January 2000), 615.70 (1999), 589.95 (1998), 583.67 (1997), 511.55 (1996), 499.15 (1995) <br>""note:"" since 1 January 1999, the CFAF is pegged to the euro at a rate of 655.957 CFA francs per euro Economy of"
"Coins of the South African rand The coins of the South African rand are part of the physical form of South Africa's currency, the South African rand. In 1961, South Africa replaced the pound with a decimal currency: 100 cents (100c) = 1 rand (R1), 1 rand being valued at 10 shillings and 1 cent at 1.2 pence. The rand was introduced in the then Union of South Africa on 14 February 1961, shortly before the establishment of the Republic on 31 May 1961. The coins bore the forward-facing portrait of Jan van Riebeeck on the obverse. The initial circulation"
"from blue to green. On November 30, 2012, the Banque Centrale des États de l'Afrique de l'Ouest (Central Bank of the West African States) issued a 500-franc banknote. General: West African CFA franc The West African CFA franc (; or simply ""franc"", ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$78.4 billion (as of 2012). The acronym CFA stands for ' (""Financial Community of Africa"")"
"him has been erected (50-Rand); the place of Mandela's 27-year imprisonment at Robben Island, showing a pile of quarried limestone (100-Rand); the statue of Mandela at the Union Buildings in remembrance of when he was inaugurated there in 1994 (200-Rand). South African rand The rand (sign: R; code: ZAR) is the currency of South Africa. The Rand is subdivided into 100 cents (sign: ""c""). The ISO 4217 code is ZAR, from Dutch ""Zuid-Afrikaanse Rand"" (South African Rand). The Rand is legal tender in the Common Monetary Area between South Africa, Swaziland (Eswatini), Lesotho, and Namibia, although the last three countries"
"prices being displayed in Euro. Moroccan dirham The dirham ( ""dirham"", ""adrim"", , ; sign: DH; code: MAD) is the currency of Morocco. It is issued by the Bank Al-Maghrib, the central bank of Morocco. It is subdivided into 100 ""cents"" (Arabic: سنتيمات, singular: سنتيم). Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in ""falus"", silver coins denominated in ""dirham"", and gold coins denominated in ""benduqi"". From 1882, the dirham became a subdivision of the Moroccan rial, with 500 Mazunas = 10 dirham = 1 rial. When most of Morocco became a French protectorate"
"places Nigeria respectively in 94th position for the poorest and 17th for the richest. In the light of highly expansionary public sector fiscal policies in 2001, the government sought ways to head off higher inflation, leading to the implementation of stronger monetary policies by the Central Bank of Nigeria (CBN) and underspending of budgeted amounts. As a result of the CBN's efforts, the official exchange rate for the Naira has stabilized at about 112 Naira to the dollar. The combination of CBN's efforts to prop up the value of the Naira and excess liquidity resulting from government spending led the"
"zaïres"" instead of ""cinq millions ""de"" zaïres"". The New Zaire (French: ""Nouveau Zaïre""), symbol ""NZ"", ISO 4217 code ZRN, replaced the first zaire in 1993 at an exchange rate of 1 new zaire = 3,000,000 old zaires. It was subdivided into 100 new makuta (symbol: ""NK""). This currency was only issued in banknote form and suffered from similarly high inflation to its predecessor. The new zaire was replaced by the Congolese franc again on 1 July 1998, at an exchange rate of 1 franc = 100,000 new zaires shortly after the Republic of Zaire became the Democratic Republic of the"
"West African CFA franc The West African CFA franc (; or simply ""franc"", ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$78.4 billion (as of 2012). The acronym CFA stands for ' (""Financial Community of Africa"") or ' (""African Financial Community""). The currency is issued by the BCEAO (""Banque Centrale des États de l'Afrique de l'Ouest"", ""Central Bank of the West African States""), located in"
"Moroccan dirham The dirham ( ""dirham"", ""adrim"", , ; sign: DH; code: MAD) is the currency of Morocco. It is issued by the Bank Al-Maghrib, the central bank of Morocco. It is subdivided into 100 ""cents"" (Arabic: سنتيمات, singular: سنتيم). Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in ""falus"", silver coins denominated in ""dirham"", and gold coins denominated in ""benduqi"". From 1882, the dirham became a subdivision of the Moroccan rial, with 500 Mazunas = 10 dirham = 1 rial. When most of Morocco became a French protectorate in 1912 it switched to"
"Swaziland, Namibia, and South Africa also form a common currency and exchange control area known as the Rand Monetary Area that uses the South African rand as the common currency. In 1980, Lesotho introduced its own currency, the loti (plural: maloti). One hundred lisente equal one loti. The Loti is at par with the rand. Until the political insecurity in September 1998, Lesotho's economy had grown steadily since 1992. The riots, however, destroyed nearly 80% of commercial infrastructure in Maseru and two other major towns in the country, having a disastrous effect on the country's economy. Nonetheless, the country has"
"Khoums The khoum (, ""fifth"") is the subdivisory unit of the Mauritanian monetary system, the Ouguiya. Five khoums make an ouguiya, hence one khoums can be expressed as 0.2 ouguiya. When the ouguiya was adapted in 1973, it replaced the CFA franc as 5 francs to the ouguiya, thus a khoums was equal to the franc. As the franc had no subdivisional unit, all wealths in francs could be converted to ouigiya with no rounding. On the khoums coin (minted in Kremnica Mint, Slovakia), the obverse is in Arabic with the date of the Islamic calendar and the reverse in"
"and short- to medium-term credit. Dependence of the sector on donor assistance is limited. Burundi is part of the East African Community and a potential member of the planned East African Federation. Economic growth in Burundi is relatively steady but Burundi is still behind neighbouring countries. Burundi's currency is the Burundian franc (ISO 4217 code BIF). It is nominally subdivided into 100 centimes, though coins have never been issued in centimes in independent Burundi; centime coins were circulated only when Burundi used the Belgian Congo franc. Monetary Policy is controlled by the central bank, Bank of the Republic of Burundi."
"Comorian franc The franc (; ; sign: CF; ISO 4217 code: KMF) is the official currency of Comoros. It is nominally subdivided into 100 ""centimes"", although no centime denominations have ever been issued. The French franc became the currency of Comoros after the islands became a French protectorate in 1886. In 1891, Sultan Said Ali bin Said Omar of Grande Comore, Ngazidja issued coins denominated in centimes and francs which circulated alongside French currency. In 1912, the Comoros became a province of Madagascar, which was a French possession. French banknotes and coins circulated in the colony. Apart from an emergency"
"Rwandan franc The Rwandan franc (sign: FRw, and possibly RF or R₣; ISO 4217: RWF) is the currency of Rwanda. It is subdivided into 100 centimes. The franc became the currency of Rwanda in 1916, when Belgium occupied the previously German colony and the Belgian Congo franc replaced the German East African rupie. Rwanda used the currency of Belgian Congo until 1960, when the Rwanda and Burundi franc was introduced. Rwanda began issuing its own francs in 1964. A proposal exists to introduce a common currency, a new East African shilling, for the five member states of the East African"
"Nicaraguan córdoba The córdoba (, sign: C$; code: NIO) is the currency of Nicaragua. It is divided into 100 ""centavos"". The first córdoba was introduced on March 20, 1912. It replaced the peso moneda corriente at a rate of 12½ pesos m/c = 1 córdoba and the peso fuerte at par. It was initially nearly equal to the US dollar. It was named after the Conquistador Francisco Hernández de Córdoba. On February 15, 1988, the 2nd córdoba was introduced. It was equal to 1,000 1st córdobas. On April 30, 1991 the third córdoba, also called the ""córdoba oro"", was introduced,"
"participated in the African Franc Zone (Communauté Financière Africaine—CFA; see Glossary) since 1979. The CFA franc was devalued by 50 percent on January 12, 1994, causing the exchange rate to become 100 CFA francs for one French franc. Subsequently, the Comoran franc was devalued so that instead of being directly aligned with the CFA franc, seventyfive Comoran francs equaled one French franc. A national labor organization, the Union of Comoran Workers (Union des Travailleurs des Comores), also had headquarters in Moroni. Strikes and worker demonstrations often occurred in response to political crises, economic restructuring mandated by international financial organizations, and"
"Eritrean nakfa The nakfa (ISO 4217 code: ""ERN"") is the currency of Eritrea and was introduced on 8 November 1997 to replace the Ethiopian birr at par. The currency takes its name from the Eritrean town of Nakfa, site of the first major victory of the Eritrean War of Independence. The nakfa is divided into 100 cents. The nakfa is pegged to the US dollar at a fixed rate of USD$1 = ERN15. Prior to that it was officially pegged at USD$1 = ERN13.50, however black market rates available on the streets typically offered a rate of 32 nakfas per"
"Sahrawi peseta The Sahrawi peseta (, ) is the currency of the partially recognized Sahrawi Arab Democratic Republic. It is divided in 100 céntimos, although coins with this denomination have never been minted, nor have banknotes been printed. The official international currency code is EHP. The first Sahrawi pesetas were minted in 1990, but they were not adopted as the national coin of Western Sahara until 1997. As this territory is mostly controlled by Morocco, the circulating currency in that part of the country is the Moroccan dirham, with Algerian dinars and Mauritanian ouguiyas circulating alongside the Sahrawi peseta in"
"that the Namibian dollar was undervalued by 33% at that time. The index takes its name from the international fast food chain, Kentucky Fried Chicken (KFC) and modeled on The Economist´s “Big Mac Index”, which covers countries with McDonald's presence (about 60 countries). In Africa, the McDonald's chain is only present in Morocco, South Africa and Egypt. KFC, on the other hand, has operations in almost 20 African countries; the highest of any international fast food chain and therefore a more applicable benchmark to use. The index was not intended as a precise gauge of currency misalignment, merely a tool"
"currency for each note of a foreign government held, as Ecuador currently does. Each currency typically has a main currency unit (the dollar, for example, or the euro) and a fractional unit, often defined as of the main unit: 100 cents = 1 dollar, 100 centimes = 1 franc, 100 pence = 1 pound, although units of or occasionally also occur. Some currencies do not have any smaller units at all, such as the Icelandic króna. Mauritania and Madagascar are the only remaining countries that do not use the decimal system; instead, the Mauritanian ouguiya is in theory divided into"