angola declared independence from portugal in 1975, following a bitter period in which angola fought a war of independence while also becoming engulfed in a civil war. while angola created its first national currency as an independent nation in 1977, this currency—called the angola kwanza (aok)—soon saw its value rapidly eroded by inflation. the aon, introduced in 1990, was an attempt to deal with this severe inflation, but it too was devalued only 5 years later.