Which currencies did the West African use?
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 called the CFA franc.
|West African CFA franc|
|User(s)||Benin Burkina Faso Guinea-Bissau Ivory Coast Mali Niger Senegal Togo|
What currency was used in ancient Africa?
As early as the 14th century, cowrie shells were used in West Africa, and elsewhere, as a form of money for local transactions. By the 17th century, cowries had become so popular that European traders began to ship the shells from India to supply the West African economy.
Is CFA higher than Naira?
Or that, upon exchanging currencies, 1 Euro is equal to 335.6 Naira while 1 Euro is equivalent to FCfa 655.9570. … In reality, the difference between the two Cameroonian and Nigerian currencies is rather on the number of notes issues.
Which country is called land of gold?
Arab traders crossed the Sahara to Ghana, which they called the “Land of Gold.” The king collected taxes from merchants who came through his empire. They had to pay taxes on goods they were selling and goods they bought. The king also took all gold nuggets found in his kingdom.
What are the 3 functions of money?
To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange.
Which country uses Eco?
Some observers think Nigeria, Africa’s largest economy, has dragged its feet for the Eco currency to be launched. Nigeria accounts for 65% of the region’s GDP and about 50% of its total population.