From the introduction of coins and banknotes in 1971 to the rise of mobile money services, the Gambian dalasi (GMD) has evolved alongside the country’s economy. Whether you’re planning a trip to The Gambia or sending money to friends and family there, understanding the dalasi is essential.
Here’s what you need to know about Gambia’s currency, its history, and practical tips for converting and using it.
Denominations of the Dalasi
The Central Bank of The Gambia, located in Banjul, issues all coins and banknotes in the country.
Coins
- 1, 5, 10, 25, 50 bututs
- 1 dalasi
Coins below 1 dalasi have not been re-issued since 1998 due to inflation.
Banknotes
- 5, 10, 20, 25, 50, 100, 200 dalasis
The latest banknote series, introduced in 2019, is known as the “Birds” series and features vibrant imagery of Gambian wildlife, including crowned cranes and the giant kingfisher.
Six Essential Facts About the Gambian Dalasi
1. The Name May Be Derived from “Dollar”
The word dalasi likely originates from the English word “dollar” and the Wolof term dala, used for the French 5-franc coin. The term butut comes from Wolof and translates to “something small.”
2. The Dalasi Replaced the Gambian Pound
Following independence in 1965, The Gambia initially retained the British West African pound but replaced it with the dalasi in 1971. The new currency introduced a decimal system, with 1 dalasi equalling 100 bututs.
3. It Is a Free-Floating Currency
The dalasi’s value fluctuates based on Gambia’s economy and global currency markets. Unlike Senegal’s CFA franc, which is pegged to the euro, the dalasi’s exchange rate can vary daily.
4. Gambia Maintains Independent Currency Policies
Unlike neighbouring Senegal, Gambia is not part of the West African Economic and Monetary Union (WAEMU) and has retained its own currency, reflecting its unique colonial history as a former British colony.
5. A Total of 49.41 Billion Dalasis Exist
According to the IMF, 49.41 billion dalasis are in circulation, with nearly 40% held in foreign currency reserves.
6. The U.N. Supports Gambia’s Mobile Remittance Industry
The United Nations International Fund for Agricultural Development (IFAD) is investing 1.2 million euros to expand mobile remittance services in rural Gambian communities. This initiative aims to boost financial inclusion and economic development.
A Brief History of Gambia’s Currency
Before adopting the dalasi, Gambia’s economy relied on a barter system using cowrie shells, salt, and cloth. The British colonial government introduced the pound in 1912, eventually replacing traditional systems.
- 1965: The Gambian pound replaced the British pound.
- 1971: The dalasi was introduced, with 5 dalasis equalling 1 Gambian pound.
- 2019: The Central Bank issued the “Birds” series, the latest redesign of the dalasi.
Tips for Using the Dalasi in Gambia
Cash Is King
Gambia’s economy is largely cash-based. Credit and debit cards are accepted in some tourist areas, but cash is preferred in rural regions.
Exchange Rates
Exchange rates for the dalasi fluctuate daily. Use banks or reputable money exchange services for the best rates when converting GBP to GMD.
ATMs and Cash Withdrawals
ATMs are primarily available in Banjul and other urban centres. Some ATMs accept foreign cards, but it’s a good idea to carry cash when travelling outside the city.
Sending Money to Gambia
For those sending money to Gambia, services like Remitly offer fast and secure transfers. Funds can be sent directly to local banks, mobile wallets, or cash pickup locations such as FirstBank, Ecobank, and QMoney.
With competitive exchange rates and transparent fees, Remitly is a trusted option for international money transfers.
