Have you ever wondered what currency is the strongest in Africa? When you think of the strongest currencies in Africa, you might instinctively think of the Ghanaian Cedis, South African Rand, and Seychellois Rupee.Â
However, the reality might surprise you. The strength of a currency is determined by analyzing its rates, the country’s balance of trade, and other economic and political factors.
Therefore, In this article, we will list the top 13 strongest currencies in Africa and uncover facts that impact currency strength.Â
Table of Contents
WHAT ARE THE RICH FEATURES OF AFRICA?
Africa, the world’s second-largest and second-most-populous continent after Asia, is a continent rich with natural resources. It accounts for about 18% of the world’s human population.
Africa has a large number of natural resources and food resources, including diamonds, iron, salt, sugar, cobalt, gold, uranium, copper, silver, bauxite, petroleum, cocoa beans, natural gas, and tropical fruit
Africa consists of 54 countries fully recognized, two independent states with limited recognition, and several territories (mostly islands).
WHAT DOES A STRONG CURRENCY MEAN?
Put simply, a strong currency is highly valued compared to other currencies in the global market. Strong currencies are usually backed by a stable economy and demand and supply in the foreign exchange market.
Also, A currency is deemed strong and high if its value improves and surpasses that of another country’s currency.
TOP 13 STRONGEST CURRENCIES IN AFRICA
The top 13 strongest currencies in Africa are as follows:
1. TUNISIAN DINAR
Currency Name: Dinar (TND)
The TND (Tunisian Dinar) makes its rightful place on the strongest currency list at number 1. Since 1960, Tunisia has used the Tunisian Dinar as its official currency. As one of the strongest currencies in Africa, the Tunisian Dinar is symbolized by TND and stands out as one of the strongest and best-performing currencies in the world. The currency is the most stable African currency compared to other currencies.
The Tunisian Dinar’s high value is supported by the country’s efficient import and export policies, as well as its stable economy. 1 US dollar will be exchanged for around 3.07, making the Tunisian Dinar more expensive than many currencies in Africa.
2. LIBYAN DINAR
Currency Name: Dinar (LYD)
The official currency of Libyan is the Libyan Dinar (LYD), which was introduced in September 1971 and replaced the pound at par. The Libyan Dinar is known for its stability and high value; it is among the strongest currencies in Africa, with LYD as its symbol.Â
The currency is regarded as one of the most expensive and best-performing currencies in Africa. 1 US dollar will buy you around 4.79 Libyan dinars, making it one of the most expensive currencies available.
3. GHANAIAN CEDI
Currency Name: Cedi (GHC)
The Ghanaian Cedi (GHC) is the official currency of Ghana and has been in use for decades now. It was introduced in July 1965 to replace the Ghanaian pounds, shillings, and pence.
Renowned for its stability and high value, the Ghanaian Cedi is considered one of the most expensive and strongest currencies in Africa, with GHC as its symbol.
1 USD will be exchanged for around 15.89 Ghanaian Cedi, contributing to the Ghanaian Cedi‘s status as one of the best currencies in Africa.
4. MOROCCAN DIRHAM
Currency Name: Dirham (MAD)
Ranking fourth is the Moroccan Dirham, the official currency of Morocco, a North African country. The Moroccan Dirham was introduced in 1960, replacing the Moroccan Franc. The Moroccan Dirham stands out as one of the strongest currencies in Africa, with MAD as its symbol.
In exchange for 1 US dollar, you will receive around 9.82 Moroccan Dirham, beating many stronger currencies.
5. BOTSWANA PULA
Currency Name: Pula (BWP)
The Botswana Pula (BWP) is the official currency of Botswana. It was introduced in August 1976, replacing the rand at par. It is one of the strongest currencies in Africa.
A single US dollar will buy you around 13.28 Botswana Pula, although BWP is not the most valuable currency in Africa, it is still a very strong currency.
6. SEYCHELLOIS RUPEE
Currency Name: Rupee (SCR)
Since 1914, Seychellois has used the Seychellois Rupee (SCR) as its official currency, replacing, at par, the Mauritian Rupee which had circulated in the Seychellois since 1877. The Seychellois Rupee is symbolized by SCR and stands out as one of the most expensive and strongest currencies in Africa.
1 US dollar will buy you around 15.00 Seychellois Rupee. The Seychellois Rupee is an expensive currency that is ranked #6 on the 13 strongest African currencies.
7. SOUTH AFRICAN RAND
Currency Name: Rand (ZAR)
Since 1961, South Africa has used the South African rand as its official currency, replacing the South African pound. The South African Rand is symbolized by ZAR and is ranked among the most expensive and Strongest currencies in Africa.
The South African rand’s high value is supported by the country’s great economy. 1 US dollar will be exchanged for 17.48 South African Rand, making it one of the most expensive currencies available.
8. ERITREAN NAKFA
Currency Name: Nakfa (ERN)
The Eritrean Nakfa (ERN) is the official currency of Eritrea, a country in the Horn of Africa region of Eastern Africa. It shares borders with Ethiopia, Sudan, and Djibouti. The Eritrean Nakfa is symbolized by ERN, it was introduced in 1997, replacing the Ethiopian Birr, which was used during Eritrea’s time as a province of Ethiopia.
The Nakfa is one of the most valuable and strongest currencies in Africa, it is also one of Africa’s most liquid fund assets and can be used globally for international payment. 1 US dollar will be exchanged for 15.00 Eritrean Nakfa.
9. EGYPTIAN POUND
Currency Name: Pound (EGP)
Since 1834, Egypt has used the Egyptian Pound as its official currency, replacing the piastre as the country’s primary currency unit. As one of the strongest currencies in Africa, the Egyptian Pound is symbolized by EGP and stands out as one of the strongest and best-performing currencies in Africa.
In exchange for 1 US dollar, you will receive around 48.31 Egyptian Pounds, making the EGP one of the strongest currencies in Africa.
10. ZAMBIAN KWACHA
Currency Name: Kwacha (ZMW)
Known as one of the strongest currencies in Africa, The Zambian Kwacha (ZMW) was introduced in 1967 after a government policy decision to decimalize the national currency; it replaced the Zambian pound, shilling, and pence. Zambia is a landlocked country in south-central Africa.
Currently, you will receive 26.43 Zambian Kwacha after exchanging 1 US dollar
11. NAMIBIAN DOLLAR
Currency Name: Dollar (NAD)
Namibian is a country in southwest Africa, and its currency is symbolized by NAD. The Namibian dollar was introduced in 1993, replacing the South African Rand which had been in use by the country since 1990.
Although the rand is no longer the official currency in Namibian, it is still considered legal tender in the country and can be easily exchanged for NADs at a rate of one ZAR per NAD. Currently, 1 US dollar will be exchanged for 17.54 Namibian dollars.
12. SWAZI LILANGENI
Currency Name: Lilangeni (SZL)
The Swazi Lilangeni is the official currency of Swazi. It was introduced in 1974 at par with the South African Rand through the Common Monetary Area. The Swazi Lilangeni is tied to the South African rand with a fixed exchange rate. Therefore, 1 Lilangeni always equals 1 South African rand.
A single US dollar will buy you around 17.54 Swazi Lilangeni, although SZL is not the most valuable currency in Africa, it is still a strong currency in Africa.
13. MAURITANIAN OUGUIYA
Currency Name: MRU
The Ouguiya is the official currency of Mauritania, it was introduced in 1973 to replace the CFA franc. Currently, 1 US dollar will be exchanged for 39.75 Mauritanian Ouguiya
Even though the MRU is the 13th strongest currency in Africa, it beats many other currencies in the world.
WHAT IS THE WEAKEST CURRENCY IN AFRICA?
Africa‘s weakest currency is considered to be either Sierra Leonean Leone, Guinean Franc, or the Ugandan Shilling. This is due to the political conflicts, high inflation levels, and poor economic state of the countries.
WHAT IS NIGERIA’S RANK AMONG THE STRONGEST CURRENCIES IN AFRICA?
Nigeria is a country located on the western coast of Africa. Its currency is symbolized by NGN. The Nigeria Naira is the official currency of Nigeria, it was introduced in January 1973, replacing the Nigeria pound at a rate of £1 = N2. The Nigeria Currency is not among the top 10 strongest in Africa. However, it ranks among the top 30 strongest in Africa.
Currently, 1 US dollar will be exchanged for 1,637 Nigerian Naira. Although the Nigeria Naira is not among the top 10 in Africa, it beats many other currencies in the world
CONCLUSION
As stated earlier, The strength of a currency is determined by analyzing its rates, the country’s balance of trade, and other economic and political factors. Undoubtedly, there are several high-performing currencies in Africa, and this article has listed the strongest currencies in Africa. We hope it is helpful to your search.
REFERENCE
- Wikipedia.org
- Inclusiontimes.com
- Africannews.com
- Tribuneonlineng.com
