"was introduced in place of the old British pound system. Ghana's first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence. The cedi was equivalent to eight shillings and four pence (8s 4d) and bore the portrait of the President. After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. The ""new cedi"" (1967-2007) was worth 1.2 cedis which made it equal to half of a pound sterling (or ten shillings sterling) at its introduction. After decades of high inflation"
"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"
"the Sahrawi refugee camps and the SADR-controlled part of Western Sahara. As it is not an official currency and not circulating, the exchange rate is not really realistic. Despite this, the Sahrawi peseta was pegged at par to the Spanish peseta and, when the latter was phased out for the euro, the rate became €1 for 166.386 Pts. Non-commemorative coins are supposedly designated for circulation. They are made from cupronickel. The denominations are: 1, 2, 5, 50, 100, 200 and 500 pesetas. There have also been commemorative issues in copper, silver and gold, as some of those shown here: Sahrawi"
"is a common species in the Indian Ocean. The porcelain-like shells came to West Africa, beginning in the 14th century, through trade with Arab merchants. The shells became an important currency in the slave trade. The first modern coins exclusively used at the Gold Coast was produced in 1796 but cowries was used alongside coins and gold dust as currency until 1901. The first cedi was introduced in 1965, replacing the pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny. The first cedi was pegged to the British pound at a rate of"
"2.4 cedis = 1 pound. The first cedi was replaced in 1967 by a ""new cedi"" which was worth 1.2 first cedis. This allowed a decimal conversion with the pound, namely 2 second cedis = 1 pound. The change also provided an opportunity to remove Kwame Nkrumah's image from coins and notes. The second cedi was initially pegged to the British pound at a rate of 2 cedi = 1 pound. However, within months, the second cedi was devalued to a rate of 2.45 second cedi = 1 pound, less than the value of the first cedi. This rate was"
"Rupee The rupees is the common name for the currencies of India, Pakistan, Indonesia, Maldives, Mauritius, Nepal, Seychelles, Sri Lanka, and formerly those of Afghanistan, Tibet, Burma and British East Africa, German East Africa and Trucial States and all Gulf Arab Countries as Gulf rupee. In Indonesia and the Maldives the unit of currency is known as rupiah and rufiyaa respectively, which is a cognate of the Sanskrit ""rūpya"". The Indian rupees () and Pakistani rupees () are subdivided into one hundred paise (singular ""paisa"") or pice. The Mauritian, Seychellois and Sri Lankan rupees subdivide into 100 cents. The Nepalese"
"Mozambican metical The metical (plural: ""meticais"") is the currency of Mozambique, abbreviated with the symbol ""MZN"" or ""MT"". It is nominally divided into 100 centavos. The name ""metical"" comes from Arabic (""mithqāl""), a unit of weight and an alternative name for the gold dinar coin that was used throughout much of Africa until the 19th century. The metical (MZM) replaced the ""escudo"" at par on 16 June 1980. It was divided into 100 ""centavos"". The metical underwent severe inflation. After the revaluation of the Romanian leu, the metical briefly became the least valued currency unit, at a value of about"
"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"
"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"
"government later in 1890. In 1904 the German government took over currency matters and established the Ostafrikanische Bank. The Rupie was initially equivalent to the Indian rupee. Until 1904, it was subdivided into 64 ""Pesa"" (equivalent to the Indian ""pice"" or ""paisa""). The currency was decimalized on 28 February 1904, with 1 Rupie = 100 ""Heller"". At the same time, a fixed exchange rate of 15 Rupien = 20 German Mark was established. In 1915 and 1916 in the period of fighting in East Africa during World War I a large series of emergency issues of paper money were issued."
"the Ghanaian cedi, . Nonetheless, the commonly available cent symbol '¢' is frequently used locally to designate the colón in price markings and advertisements. The colón was introduced in 1896, replacing the Costa Rican peso at par. The colón is divided into 100 centimos, although, between 1917 and 1919, coins were issued using the name centavo for the 1/100 subunit of the colón. Because the colón replaced the peso at par, there was no immediate need for new coins in 1896. In 1897, gold 2, 5, 10 and 20 colones were issued, followed by silver 50 centimos, and followed by"
"then currency, this led to the reintroduction of the pesewa which is the basic unit of the Ghanaian cedi. After leaving the Bank of Ghana, Paul Acquah joined a new team setup to oversee the restructuring and development of Tema Oil Refinery and Ghana's crude oil supply. Other team members were Kwabena Duffuor, Chief of Staff John Henry Martey Newman, and Minister of Energy Joe Oteng-Adjei. In 2005, Acquah won the Emerging Markets award for Africa Central Bank Governor of the Year. Paul Acquah Paul Amoako Acquah is a Ghanaian economist and a former Deputy Director for the Africa Department"
"Cape Verdean escudo The escudo (sign: ; ISO 4217: CVE) is the currency of the Republic of Cape Verde. Amounts are generally written by using the ""cifrão"" as the decimal separator, such as for 20 escudos, or for 1000. The escudo became the currency of Cape Verde in 1914. It replaced the Cape Verdean real at a rate of 1000 réis = 1 escudo. Until 1930, Cape Verde used Portuguese coins, although banknotes were issued by the Banco Nacional Ultramarino specifically for Cape Verde beginning in 1865. Until independence in 1975, the Cape Verde escudo was equal to the Portuguese"
"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"
"of the cedi against foreign currencies. Inflation continued (see exchange rate chart) until by July 2007, the cedi was worth about 9500 to one US dollar, and a transition to the third cedi was initiated. In 1979 a currency confiscation took place. New banknotes were issued which were exchanged for old at a rate of 10 old for 7 new. Coins and bank accounts were unaffected. A second confiscation took place in 1982, when the ₵50 note (the highest denomination) was demonetized. Ghanaians, in theory, could exchange any number of ₵50 notes for coins or other banknotes without loss, but"
"West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Both use the CFA franc as their legal tender. The idea of a single currency union across Africa has been floated, and plans exist to have it established by 2020, though many issues, such as bringing continental inflation rates below 5 percent, remain hurdles in its finalization. As of 2012, Africa has 23 stock exchanges, twice as many as it had 20 years earlier. Nonetheless, African stock exchanges still account for less than 1% of the world's stock"
"in the next ten years. So far only three of the 53 member states of the African Union have committed to using the currency. Egypt, Swaziland, and Lesotho have logged reservations over the precise date of monetary union and have requested a two- to three-year delay. Seychelles may not join as a result of economic fears and may, along with Cape Verde, attempt to join the euro at a later date, while the official currency of Mayotte is the euro. The African Central Bank (ACB) is one of the three financial institutions of the African Union. It will over time"
"peseta at a rate of 1 peseta = 10 francs. In 1960, the dirham was introduced. It was subdivided into 100 francs. The franc was replaced as the subdivision of the dirham by the centime in 1974. In 1921, coins were introduced under the reign of Yusuf, in denominations of 25 and 50 centimes and 1 franc. The 25 centimes is a holed, cupro-nickel coin, and comes with three Privy mark varieties: no privy mark, minted in 1921 at Paris, thunderbolt privy mark minted in 1924 at Poissy, and thunderbolt and torch privy marks minted in 1924 at Poissy. The"
"Paisa The paisa (Nepali/, ), poisha () or baisa (Omani: بيسة) is a monetary unit in several countries. In India, Nepal and Pakistan, the ""paisa"" currently equals of a rupee. In Bangladesh, the ""poisha"" equals of a Bangladeshi taka. In Oman, the ""baisa"" equals of an Omani rial. The word ""paisa"" is from the Sanskrit term ""padāṁśa"", meaning 'quarter part', from ""pada"" ""foot or quarter"" and ""aṁśa"" ""part"". Another explanation is that the word derives from Portuguese ´pesa´ from which peso and diminutive peseta are derived. The pesa was also in use in colonial Kenya. The colloquial term for money"
"as the , where CFA stands for ""Communauté financière d'Afrique"" (""Financial Community of Africa"") or (""African Financial Community""). It is issued by the BCEAO (, i.e., ""Central Bank of the West African States""), located in Dakar, Senegal, for the eight countries of the UEMOA (, i.e., ""West African Economic and Monetary Union""): These eight countries have a combined population of 102.5 million people (as of 2013), and a combined GDP of US$78.4 billion (as of 2012). The Central Africa CFA franc (XAF) is known in French as the , where CFA stands for (""Financial Cooperation in Central Africa""). It is"
"Swazi lilangeni The lilangeni (plural: emalangeni, ISO 4217 code: ""SZL"") is the currency of Eswatini and is subdivided into 100 cents. It is issued by the Central Bank of Eswatini (in Swazi ""Umntsholi Wemaswati""). The South African rand is also accepted in Swaziland. Similar to the Lesotho loti, there are singular and plural ""abbreviations"", namely L and E, so where one might have an amount L1, it would be E2, E3, or E4. It was introduced in 1974 at par with the South African rand through the Common Monetary Area, to which it remains tied at a one-to-one exchange rate."
"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"
"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"")"
"Central African CFA franc The Central African CFA franc (French: ""franc CFA"" or simply ""franc"", ISO 4217 code: XAF) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries have a combined population of 48.0 million people (as of 2014), and a combined GDP of US$88.2 billion (as of 2012). CFA stands for ""Coopération financière en Afrique centrale"" (""Financial Cooperation in Central Africa""). It is issued by the BEAC (""Banque des États de l'Afrique Centrale"", ""Bank of the Central African States""), located in Yaoundé,"
"Dakar, Senegal, for the members of the UEMOA (""Union Économique et Monétaire Ouest Africaine"", ""West African Economic and Monetary Union""). The franc is nominally subdivided into 100 ""centimes"" but no centime denominations have been issued. The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both the CFA franc. The CFA franc was introduced to the French colonies in West Africa in 1945, replacing the French West African franc. The West African colonies and territories using the CFA franc were Ivory Coast, Dahomey, French"
"is one-hundredth of the following basic monetary units: Céntimo The céntimo (in Spanish-speaking countries) or cêntimo (in Portuguese-speaking countries) was a currency unit of Spain, Portugal and their former colonies. The word derived from the Latin meaning ""hundredth part"". The main Spanish currency, before the euro, was the peseta which was divided into 100 céntimos. In Portugal it was the real and later the escudo, until it was also replaced by the euro. In the European community ""cent"" is the official name for one hundredth of a euro. However, both ""céntimo"" (in Spanish) and ""cêntimo"" (in Portuguese) are commonly used"
"greater than that of Russia, Japan and Mexico, and roughly half that of the United States. Swahili would be the lingua franca and the official language would be English. The proposed capital is the Tanzanian city of Arusha, which is close to the Kenyan border. Arusha is the current headquarters of the East African Community. The union's proposed currency would be the East African shilling, which according to a 2013 published report is slated to become the common currency of five of the six member countries by 2023. The GDP (PPP) estimate would be US$472.238 billion and be the fifth"
"East African rupee The Rupee was the currency of Britain's East African colonies and protectorates between 1906 and 1920. It was divided into 100 cents. The rupee replaced the Indian rupee, which had previously circulated. In 1920, the rupee was revalued against sterling to a peg of 1 rupee = 2 shillings (1 florin). In East Africa, this was followed in the same year by the replacement of the rupee with the East African florin at par. The currency is noteworthy for including the world's first aluminium coin, the 1907 1 Cent. Silver coins were introduced for 25 and 50"
"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"
"South African economy and contraction of the mining sector and related job losses in South Africa. In 2009, GDP growth slowed to 0.9 percent. The official currency is the loti (plural: maloti), but can be used interchangeably with the South African rand. Lesotho, Swaziland, Namibia, and South Africa also form a common currency and exchange control area known as the Common Monetary Area (CMA). The loti is at par with the rand. One hundred lisente (singular: sente) equal one loti. Lesotho is a member of the Southern African Customs Union (SACU), in which tariffs have been eliminated on the trade"
"Economic Union (UMEOA) and has adopted the CFA franc. This is issued by the Central Bank of the West African States (BCEAO), situated in Dakar, Senegal. The BCEAO manages the monetary and reserve policy of the member states, and provides regulation and oversight of financial sector and banking activity. A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place, having been reformed significantly in 1999. Microfinance institutions are governed by a separate law, which regulates microfinance activities in all WAEMU countries. The insurance sector is"
"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"
"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 do have their own currencies pegged at par with rand. Before 1976, the rand was legal tender in Botswana. The Rand takes its name from the WitwatersRand (""white waters' ridge"" in English), the ridge upon which Johannesburg is built and"