Currency type &1 can't be used in global currency conversion settings

What causes this issue?

Currency type &V1& is defined as company code dependent. You have
entered it in the global currency conversion settings. This is not
allowed.

System Response

The data can't be saved.

How to fix this error?

Correct the data.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.