Currencies in Africa became what they are today not so long ago, but have you ever thought about what are the most expensive currencies in Africa? a lot of things in Africa have changed for the better, especially from the seventeenth century, the economy is not.
African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange. There is no dominant national currency in this part of the world, every country uses its own money for internal payments and local commerce. A currency refers to money in any form when in actual use or circulation as a medium of exchange. One of the most expensive currencies in Africa is Eritrean Nakfa. Very strange name it is very hard to remember it. Eritrea split from Ethiopia in the early 90’s but in that little time the country managed to develop into having a currency of similar value to the South African Rand. Another one, you may have heard of it, is South African Rand. The South African Rand has suffered an enormous devaluation. At the moment, it is one of the weaker currencies when you look at the overall richest countries of the continent. 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. In pre-colonial times African currency included shells, ingots or gold. Many African countries change their currency’s appearance when a new government takes power. There is a thriving street trade by unlicensed street traders in US dollars or other stable currency, which are seen as a hedge against local inflation. In many rural areas there is still a strong bartering culture, the exchanged items being of more immediate value than official currency. Even where currency is used, haggling over prices is very common. In Africa today there are more than 50 different currencies.
If you want to see what are the most expensive currencies in Africa, check Insider Monkey’s list of 10 Most Expensive Currencies in Africa and expand your knowledge more about this topic.