Currency that replaced west african pound

General
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currency that replaced west african pound

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What is the currency that replaced the West African pound?

Answer: The West African pound was replaced by several currencies after the disbandment of the West African Currency Board in 1964. To understand the transition, let’s look at the historical context and the specific currencies that replaced the West African pound in different countries within the region.

  1. Historical Context:

    • The West African pound was introduced by the British colonial administration and was used in various British colonies in West Africa, including Gambia, Ghana, Nigeria, and Sierra Leone.
    • It was equivalent to the British pound sterling, and the currency was designed to facilitate trade and economic management within these colonies.
    • By the mid-20th century, with the wave of independence movements across Africa, these countries began to establish their own central banks and monetary systems.

  2. Currencies that Replaced the West African Pound:

    • Ghana:

      • Ghana was the first to gain independence among the West African colonies in 1957.
      • The Ghanaian pound was introduced on July 14, 1958, to replace the West African pound at par.
      • Later, Ghana transitioned from the Ghanaian pound to the cedi on July 19, 1965, with the conversion rate being 1.2 cedi = 1 Ghanaian pound.

    • Nigeria:

      • Nigeria gained independence in 1960 and continued using the West African pound until 1959.
      • The Nigerian pound, which was at par with the West African pound, was introduced in 1959 and issued by the Central Bank of Nigeria.
      • Nigeria transitioned to the naira on January 1, 1973, with the conversion rate being 2 naira = 1 pound.

    • Sierra Leone:

      • Sierra Leone gained independence in 1961 and continued using the West African pound until 1964.
      • The Leone was introduced on August 4, 1964, replacing the West African pound at a rate of 2 Leones = 1 pound.

    • Gambia:

      • Gambia gained independence in 1965 and continued using the Gambian pound until 1971.
      • The dalasi was introduced on July 24, 1971, replacing the Gambian pound at a rate of 5 dalasi = 1 pound.

Final Answer:
The West African pound was replaced by multiple currencies following the independence of the countries it served. These included the Ghanaian pound (which later changed to the Ghanaian cedi), the Nigerian pound (which later changed to the Nigerian naira), the Leone in Sierra Leone, and the dalasi in Gambia. These transitions marked the decolonization process and the establishment of national monetary systems in West Africa.