Conditionally format currency based on another cell

I have been reading the forum and it sounds like to do what I want I need to use VBA. Please let me know if this is in the wrong section.

What I am trying to do is create a multi-currency expense report. For example, cell B1 has a drop down list of three different currencies. Based on the currency selected in B1, I want C1 to reflect that number formatting using the proper currency.

Im sure there is an easy way to do this but I have tried using an if statement in the conditional formatting section but it does not work.
Any help would be appreciated.

I did figure out how to total the different currencies using the ifsum formula, so this is more of a presentation task, but still it has annoyed me to no end.


In the example workbook, the currency value selected in row E should effect the currency formatting in Rows F-L