Meaning of the word denominate in English

What does denominate mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

denominate

US /dɪˈnɑː.mə.neɪt/
UK /dɪˈnɒm.ɪ.neɪt/

Verb

to express an amount of money in a particular currency (= units of money):

Example:
Oil sales were denominated in US dollars.