Elaeis guineensis originally grew in West Africa. The southern coast of Nigeria was originally called the Palm oil coast by the first Europeans who arrived there and traded in the commodity. This area was later renamed the Bight of Biafra. In traditional African medicine different parts of the plant are used as laxative and diuretic, as a poison antidote, as a cure for gonorrhea, menorrhagia, and bronchitis, to treat headaches and rheumatism, to promote healing of fresh wounds and treat skin infections. In Malaysia, the first plantations were mostly established and operated by British plantation owners, such as Sime Darby and Boustead,
Commodity currency Commodity currency A commodity currency is a name given to some currencies that co-move with the world prices of primary commodity products, due to these countries' heavy dependency on the export of certain raw materials for income. Commodity currencies are most popular in developing countries (eg. Burundi, Tanzania, Papua New Guinea). However developed countries like Canada and Australia can also have this type of currency. For example, the Canadian Dollar grows stronger, the higher the price of soybeans and oil because these are Canada's two major commodities. In the foreign exchange market, commodity currencies generally refer to the Australian dollar,