Which west African has the 'Cedi' as its unit of currency?
Ghanaian cedi devalued the new cedi, it was gradually phased out in 2007 in favor of the "Ghana cedi" at an exchange rate of 1:10,000. In 2007 the largest of the new cedi banknotes, the 20,000 note, had a value of about US$2. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa. It has since lost about 80% of its value. The word "cedi" is the Akan word for cowry shell which were formerly used as currency in what is now Ghana. The "Monetaria moneta" or money cowry is not native to West African waters but
Ghanaian cedi is a common species in the Indian Ocean. The porcelain-like shells came to West Africa, beginning in the 14th century, through trade with Arab merchants. The shells became an important currency in the slave trade. The first modern coins exclusively used at the Gold Coast was produced in 1796 but cowries was used alongside coins and gold dust as currency until 1901. The first cedi was introduced in 1965, replacing the pound at a rate of 2.4 cedi = 1 pound, or 1 pesewa = 1 penny. The first cedi was pegged to the British pound at a rate of