DEFINITION of 'LYD (Libyan Dinar)'
The currency abbreviation for the Libyan dinar (LYD), the currency for Libya. The Libyan dinar is made up of 1000 dirham and is often presented with the symbol LD. In Libya, the dinar is often called jni or jneh. The word dirham is never used in everyday language, "garsh" is used instead, which equals 10 dirhams.
BREAKING DOWN 'LYD (Libyan Dinar)'
In 1951, Libya gained independence and introduced its own currency, the Libyan pound. The Libyan dinar replaced the Libyan pound in 1971 at par. Prior its independence, many currencies had been used in Libya, and at one point the Italian lira, the Algerian franc and the Egyptian pound were all used across the nation.