Apart from this, there are few countries that resist using the dominant currencies used in their neighboring countries. For example- the use of East African Rupee in East Africa was the result of existing trade relations amongst India and Arabia. However, after the British became principal power over the region then East African Shilling was adopted. The changing currency may symbolize the changing power over a particular region. For example, The Nigerian pound replaced the British African Pound and it was then finally changed to Nigerian Naira. Post-independence from the colonial rule several countries retained their currencies while the others changed their names. In the 19th century while the slave trade was prevalent then one could buy slaves using Manila currency, bronze ring or other ornamental metals. In the colonial period, the several colonial powers introduced their own currencies in the region like Lira in the Italian East Africa and the African Franc amongst others. Prior to the colonial rule in Africa, the objects used as currency were ingots, shells, salts, gold, cattle, axes, arrowheads, blankets and beads amongst others. After Africa got its independence in the 20th century, the majority of the countries retained the same currency that the colonial powers had brought here or introduced whilst others had renamed it. By the end of the year 2013, the currency Zambian Kwacha or ZMW was identified as the strongest of all the currencies in Africa. Prior to the colonization of Africa, there were multiple forms of currencies used within the continent and these involved some or the other materials, animals and even the people. However, the European colonists introduced a new form of the monetary system in the very beginning of the 17th century. Placed at the end in the list of top 20 most traded currency of the world is the South African rand which is the only local currency of Africa to be placed in the list. Over the years the African currency system has evolved to the currency in the form of paper money from the barter system. The West African CFA franc used by 8 independent countries and the Central African franc used by 6 different countries are the two notable ones amongst the different national currencies that are circulated across the African continent. The fixed exchange rate guarantees the relative stability of the currency and at present both of these have been pegged to the Euro.
0 kommentar(er)
