Africa is a continent with rich cultural, political, and economic diversity. One of the most important symbols of national identity and economic sovereignty in African countries is their currency. Each nation uses its currency as a medium of exchange, a store of value, and a unit of account to facilitate economic activities. Let’s go to the List of African Countries and Their Currencies
In 2025, Africa has 54 recognized countries, each using either its own currency or a shared regional currency. Some countries issue their own legal tender, while others adopt currencies like the CFA Franc, which is shared among several West and Central African states. A few others use foreign currencies such as the U.S. Dollar or South African Rand in addition to their national currency.
This detailed guide provides the complete and updated list of African countries and their currencies, including their official ISO currency codes. It also explains Africa’s unique currency systems and unions that influence trade, travel, and development across the continent.
Table of Contents
- Introduction
- Meaning of Currency
- The Importance of Currency in African Economies
- Overview of Currency Systems in Africa
- Complete List of African Countries and Their Currencies
- Regional Currency Unions in Africa
- The Role of the CFA Franc
- Countries Using Foreign or Shared Currencies
- ISO Currency Codes and Their Uses
- Conclusion
Meaning of Currency
Currency is the officially recognized medium of exchange used within a country to facilitate trade in goods and services. It can exist in physical forms like coins and banknotes, or digital forms such as electronic and mobile transactions.
A currency:
- Represents the economic value of a nation,
- Helps to standardize transactions,
- Is regulated by a country’s central bank or monetary authority.
Currencies can be national, where only one country uses it, or shared, where multiple countries adopt a common currency for economic cooperation.
The Importance of Currency in African Economies
Currency is more than a means of buying and selling goods. In Africa, it plays critical roles such as:
- Supporting trade and commerce: It simplifies transactions within and between African countries.
- Promoting investment: A stable currency helps attract foreign investment.
- Symbolizing national identity: National currencies often carry cultural and historical symbols unique to the country.
- Driving economic planning: Governments use monetary policy to control inflation, interest rates, and economic growth.
- Facilitating regional integration: Shared currencies help strengthen economic cooperation among African nations.
Overview of Currency Systems in Africa
Africa’s currency systems are diverse. Most countries issue their own national currency, but some belong to regional currency unions that make trade and economic cooperation easier.
There are three main patterns:
- Independent national currencies: Countries like Nigeria (Naira), Kenya (Shilling), and South Africa (Rand) have their own currencies.
- Regional shared currencies: Countries in West and Central Africa use the CFA Franc.
- Foreign currency usage: A few countries use the U.S. Dollar or the South African Rand alongside their national currency.
Additionally, mobile money and digital payment systems are expanding rapidly across the continent, complementing traditional cash transactions.
Complete List of African Countries and Their Currencies
| Country | Currency Name | Currency Code |
|---|---|---|
| Algeria | Algerian Dinar | DZD |
| Angola | Kwanza | AOA |
| Benin | West African CFA Franc | XOF |
| Botswana | Pula | BWP |
| Burkina Faso | West African CFA Franc | XOF |
| Burundi | Burundian Franc | BIF |
| Cabo Verde | Escudo | CVE |
| Cameroon | Central African CFA Franc | XAF |
| Central African Republic | Central African CFA Franc | XAF |
| Chad | Central African CFA Franc | XAF |
| Comoros | Comorian Franc | KMF |
| Congo (Republic of the) | Central African CFA Franc | XAF |
| DR Congo | Congolese Franc | CDF |
| Djibouti | Djiboutian Franc | DJF |
| Egypt | Egyptian Pound | EGP |
| Equatorial Guinea | Central African CFA Franc | XAF |
| Eritrea | Nakfa | ERN |
| Eswatini | Lilangeni | SZL |
| Ethiopia | Birr | ETB |
| Gabon | Central African CFA Franc | XAF |
| Gambia | Dalasi | GMD |
| Ghana | Cedi | GHS |
| Guinea | Guinean Franc | GNF |
| Guinea-Bissau | West African CFA Franc | XOF |
| Ivory Coast (Côte d’Ivoire) | West African CFA Franc | XOF |
| Kenya | Kenyan Shilling | KES |
| Lesotho | Loti | LSL |
| Liberia | Liberian Dollar | LRD |
| Libya | Libyan Dinar | LYD |
| Madagascar | Ariary | MGA |
| Malawi | Kwacha | MWK |
| Mali | West African CFA Franc | XOF |
| Mauritania | Ouguiya | MRU |
| Mauritius | Mauritian Rupee | MUR |
| Morocco | Moroccan Dirham | MAD |
| Mozambique | Metical | MZN |
| Namibia | Namibian Dollar | NAD |
| Niger | West African CFA Franc | XOF |
| Nigeria | Naira | NGN |
| Rwanda | Rwandan Franc | RWF |
| São Tomé and Príncipe | Dobra | STN |
| Senegal | West African CFA Franc | XOF |
| Seychelles | Seychellois Rupee | SCR |
| Sierra Leone | Leone | SLL |
| Somalia | Somali Shilling | SOS |
| South Africa | Rand | ZAR |
| South Sudan | South Sudanese Pound | SSP |
| Sudan | Sudanese Pound | SDG |
| Tanzania | Tanzanian Shilling | TZS |
| Togo | West African CFA Franc | XOF |
| Tunisia | Tunisian Dinar | TND |
| Uganda | Ugandan Shilling | UGX |
| Zambia | Zambian Kwacha | ZMW |
| Zimbabwe | Zimbabwean Dollar | ZWL |
Regional Currency Unions in Africa
Africa has two major currency unions:
- West African Economic and Monetary Union (WAEMU) – Uses the West African CFA Franc (XOF).
Member countries include:- Benin
- Burkina Faso
- Côte d’Ivoire
- Guinea-Bissau
- Mali
- Niger
- Senegal
- Togo
- Central African Economic and Monetary Community (CEMAC) – Uses the Central African CFA Franc (XAF).
Member countries include:- Cameroon
- Central African Republic
- Chad
- Congo (Republic of the)
- Equatorial Guinea
- Gabon
These unions have helped stabilize exchange rates and strengthen trade among member states.
The Role of the CFA Franc
The CFA Franc is one of the most significant shared currencies in Africa. It is split into:
- XOF – West African CFA Franc
- XAF – Central African CFA Franc
Although they have the same value, they are not interchangeable between the two unions. The CFA Franc is pegged to the Euro, providing currency stability for member countries. However, it has also raised debates about monetary independence and economic sovereignty in the region.
Countries Using Foreign or Shared Currencies
Some African countries use or allow the use of foreign currencies:
- Zimbabwe: Uses the Zimbabwean Dollar but also accepts U.S. Dollars and South African Rand for transactions.
- Namibia, Lesotho, and Eswatini: Use their own currency alongside the South African Rand under a common monetary arrangement.
- Comoros: Uses the Comorian Franc pegged to the Euro through an agreement with France.
These arrangements help stabilize economies but reduce monetary policy independence.
ISO Currency Codes and Their Uses
Every currency in Africa has an ISO 4217 code. This three-letter code is recognized internationally in banking, trade, and finance.
- The first two letters represent the country.
- The last letter represents the currency.
Examples:
- NGN – Nigerian Naira
- ZAR – South African Rand
- GHS – Ghanaian Cedi
- XOF – West African CFA Franc
- XAF – Central African CFA Franc
These codes are essential for international transfers, trade agreements, foreign exchange markets, and online payments.
SEE ALSO: List of African Countries and their Capitals you Need to know
Conclusion – List of African Countries and Their Currencies
Africa’s currency landscape reflects the continent’s economic diversity, political history, and regional integration efforts. While many African countries issue their own national currencies, others participate in currency unions or use foreign currencies to stabilize their economies.
The CFA Franc remains one of the most important shared currencies, playing a major role in West and Central Africa. Meanwhile, countries with strong and independent currencies like Nigeria, South Africa, Kenya, and Egypt continue to influence economic activities within their subregions.
Understanding the currencies of African countries is essential for researchers, investors, travelers, and students. It helps in making informed financial decisions, planning trade, and grasping the economic realities of one of the world’s most dynamic continents.
READ ALSO: List of Countries and Their Currencies in the World
Frequently Asked Questions (FAQ) – List of African Countries and Their Currencies
1. How many countries are in Africa?
Africa has 54 recognized countries as of 2025.
2. Which currency is used by the most African countries?
The CFA Franc (XOF and XAF) is used by 14 African countries, making it the most widely shared currency on the continent.
3. Which is the strongest currency in Africa?
The Libyan Dinar (LYD) and Tunisian Dinar (TND) are considered among the strongest African currencies by exchange rate.
4. What is the most traded African currency?
The South African Rand (ZAR) is the most traded currency from Africa on the international foreign exchange market.
5. Why do some African countries share a currency?
Shared currencies, like the CFA Franc, promote regional trade, ensure stable exchange rates, and reduce inflation risks.
6. Do all African countries have their own currency?
No. Some countries share a currency or use foreign currencies such as the U.S. Dollar or the South African Rand.
7. What is Nigeria’s currency code?
Nigeria’s currency code is NGN, and the currency is called the Naira.
8. Which African countries use the Euro?
No African country directly uses the Euro as its national currency, but the CFA Franc is pegged to the Euro.
9. What currency is used in South Africa?
South Africa uses the Rand (ZAR).
10. Why are currency codes important?
Currency codes help standardize and simplify financial transactions, trade, and foreign exchange across international borders.