Initially, the African currency was designed from things such as animals, materials, and people to exchange or trade. The first African currency was developed in the 17th century during the days of slavery. However, as European colonial powers started developing their own monetary systems and different countries within Africa began to gain independence in the 20th century, some stayed with the new denominations that had been created while others chose to give the currencies different names.
Interestingly, inflation of today often raises demand for some of the African currencies but these are forbidden. In addition, many rural areas of Africa have maintained or gone back to the old and original monetary system of bartering. Currently, multinational central banks oversea two unions for Africa currencies to include the Central African Banque des Etats de l’Afrique Centrale or BEAC and the West African Banque Centrale des Etats de l’Afrique de l’Quest or BCEAO. For both of these unions specific to Africa currencies the CFA Franc is considered the legal currency.
Additionally, many other African currencies exist, which are listed below by country, currency name, and the central bank overseeing them.
| Country | Currency | Central Bank |
| Benin | ||
| Burkina Faso | ||
| Cote d’Ivoire | ||
| Guinea Bissau | ||
| Mali | ||
| Niger | West African CFA Franc | BECAO |
| Senegal | ||
| Togo | ||
| Cameroon | Central African CFA Franc | BEAC |
| Central African Republic | ||
| Chad | Central African CFA Franc | BEAC |
| Republic of the Congo | Central African CFA Franc | BECAO |
| Equatorial Guinea | ||
| Gabon | ||
| Algeria | Algerian Dinar | Banque d’Algerie |
| Angola | Angolan Kwanza | Banco Nacional de Angola |
| Botswana | Angolan Kwanza | Bank of Botswana |
| Burundi | Burundian Franc | Banque de lal Republique du Burundi |
| Cape Verde | Cape Verdean Escudo | Banco de Cabo Verde |
| Country | Currency | Central Bank |
| Comoros | Comorian Franc | Banque Centrale des Comores |
| Democratic Republic of Congo | Congolese Franc | Banque Centrale de Congo |
| Djibouti | Djiboutian Franc | Banque Centrale de Djibouti |
| Egypt | Egyptian Pound | Central Bank of Egypt |
| Eritrea | Eritrean Nakfa | Bank of Eritrea |
| Ethiopia | Ethiopian Birr | National Bank of Ethiopia |
| Gambia | Gambian Dalasi | Central Bank of Gambia |
| Ghana | Ghanaian Cedi | Bank of Ghana |
| Guinea | Guinean Franc | Banque Centrale de la Republique de Guinee |
| Kenya | Kenyan Shilling | Central Bank of Kenya |
| Lesotho | Lesotho Loti | Central Bank of Lesotho |
| Liberia | Liberian Dollar | Central of Liberia |
| Libya | Libyan Dinar | Central Bank of Libya |
| Madagascar | Malagasy Ariary | Banque Centrale de Madagascar |
| Malawi | Malawian Kwacha | Reserve Bank of Malawi |
| Mauritania | Mauritanian Ouguiya | Banque Centrale de Mauritanie |
| Mauritius | Mauritian Rupee | Bank of Mauritius |
| Morocco (Western Sahara) | Moroccan Dirham | Bank Al-Maghrib |
| Mozambique | Mozambican Metical | Banco de Mocambique |
| Namibia | Namibian Dollar | Bank of Namibia |
| Nigeria | Nigeriain Naira | Central Bank of Nigeria |
| Rwanda | Rwandan Franc | Banque Nationale du Rwanda |
| Sao Tome/Principe | Sao Tome/Principe Dobra | Banco Nacional de Sao Tome e Principe |
| Seychelles | Seychellois Rupee | Central Bank of Seychelles |
| Sierra Leone | Sierra Leonean Leone | Bank of Sierra Leone |
| Somalia | Somali Shilling | Bankiga Dhexe ee Soomaaliya |
| Somaliland | Somaliland Shilling | Bank of Somaliland |
| South Africa | South African Rand | South African Reserve Bank |
| Sudan | Sudanese Pound | Bank of Sudan |
| Swaziland | Swazi Lilangeni | Central Bank of Swaziland |
| Tanzania | Tanzanian Shilling | Bank of Tanzania |
| Tunisia | Tunisian Dinar | Banque Centrale de Tunisie |
| Uganda | Ugandan Shilling | Bank of Uganda |
| Zambia | Zambian Kwacha | Bank of Zambia |
| Zimbabwe | Zimbabwean Dollar | Reserve Bank of Zimbabwe |
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