We bring to you the list of the top 10 highest currencies in Africa in terms of value. Yes, the most valuable currencies in the African Continent, that gives you more buying power in other countries.
If you know anything about currencies, you are probably aware that the strength of a currency is determined by its value on the international market.
What Exactly Is Currency?
Currency is a means of exchanging goods and services for other goods and services.
In simple terms, it is money, whether in the form of paper or coins, that has been issued by a government and is generally accepted at face value as a method of payment.
Since bartering was long ago phased out as a means of exchanging goods and services, currency has emerged as the primary medium of exchange in the modern world.
Related: Top 10 Best banks in Nigeria
- Currency is a widely accepted form of payment that is typically issued by a government and circulated within the jurisdiction of the issuing government.
- Any currency’s value fluctuates constantly in relation to other currencies, and this is true of any currency. In order to profit from currency fluctuations, the currency exchange market was created.
- Many countries accept the United States dollar as a form of payment, while others have their currency values pegged directly to the value of the United States dollar.
The African continent is home to 54 countries, each of which has its own unique currency. In this post we’ll share with you the top 10 highest currencies in Africa.
Financial experts have discovered that factors such as a country’s financial policies and the consistency of the value of a currency play a significant role in determining the strength of a currency’s value.
The United States Dollar is the most powerful currency on the global market, and its value and strength are used to determine the value and strength of other currencies around the world.
The Tunisian Dinar is the most powerful currency in Africa, with a current exchange rate of one dollar to 2.98 TND at the time of writing.
Top 10 Highest Currencies In Africa And Their Current Values
| Rank | Currency Name | Value To $1 |
|---|---|---|
| 1. | Tunisian Dinar | 2.979 TND |
| 2. | Libyan Dinar | 4.674 LYD |
| 3. | Ghana Cedis | 7.41 GHS |
| 4. | Morrocan Dinar | 9.766 MAD |
| 5. | Botswanan Pula | 11.588 BWP |
| 6. | Seychellois Rupee | 14.448 SCR |
| 7. | South African Rand | 14.510 ZAR |
| 8. | Swazi Lilangeni | 14.64 SZL |
| 9. | Namibian Dollar | 14.64 NAD |
| 10. | Eritrean Nafka | 15.00 ERN |
Related: Top 10 Best loan apps in Nigeria
1. Tunisian Dinar – The Strongest Currency In Africa
- Currency Name: Dinar
- Code: TND
- Current Exchange Rate: $1 = 2.88 د.ت
Our first mention on the list of the highest currencies in Africa in terms of value is the Tunisian Dinar.
The Tunisian Dinar is a strong African currency, owing to the country’s efficient import and export policies, as well as its geographical location.
When the country’s economy suffers as a result of sound fiscal and monetary policy, the people of the country are not adversely affected.
The currency is designated by the ISO code “TND,” and one TND is equal to 0.36 USD, which translates to one dollar being equal to 2.88 TND as of April 2022.
2. Libyan Dinar
- Currency Name: Dinar
- Code: LYD
- Current Exchange Rate: $1 = 4.58 ل.د
The Libyan Dinar comes in at number two on our list of the most valuable currencies in Africa.
This currency is issued by the National Bank of Libya, and it is designated by the ISO code “LYD.” It is ranked first on our list because one LYD is equal to 0.22 USD, which translates to one dollar being equal to 4.58 LYD.
Tunisia is a North African country bordering the Mediterranean Sea and the Sahara Desert. It is the second most populous country in North Africa. Tunis is the country’s capital and largest city.
Because of the strict monetary policy implemented by Libya’s central bank, the Libyan Dinar has been one of the highest currencies in Africa for a long time. Libya is also endowed with natural resources such as oil, gold, and silver.
Libya is also one of the African countries whose economies are heavily reliant on oil exports, making LYD a valuable asset in their own right. When it comes to living exporters, it must be exchanged for US dollars or other foreign currencies. As a result, the LYD is currently one of the most powerful currencies in Africa.
The Libyan Dinar has always been a very stable currency, even during the period of political unrest that swept the country in 2011 as a result of internal problems. The Libyan Dinar is still one of the most highly valued currencies in Africa, even in today’s world.
Related: Best Fintech companies in Nigeria
3. Ghanaian Cedi
- Currency Name: Cedi
- Code: GHC
- Current Exchange Rate: $1 = GH₵ 6.16
The Cedi was replaced by the Ghanaian Central Bank in 2007, and the currency has grown in strength and value ever since then.
Despite the fact that Ghana, along with Tunisia, Morocco, and South Africa, was one of the countries affected by the foreign exchange crisis in 2008, its currency did not suffer as severely as the other countries currencies.
The Cedi is the most powerful currency in Sub-Saharan Africa, and it is the official currency of both the Republic of Ghana and the Northern region of Togo.
The Cedi is pegged to the US dollar, making it one of the highest currencies in Africa; 1 GHC = 0.16 USD, which translates to 1$ = 6.16 GHC.
The Cedi is pegged to the US dollar, making it one of the most powerful currencies in Africa.
4. Moroccan Dirham
- Currency Name: Dirham
- Code: MAD
- Current Exchange Rate: $1 = DH 8.99
Since it has been in existence for more than a century, the Moroccan dirham is considered an ancient currency in Africa.
It is the official currency of Morocco as well as its neighboring countries in the Western Sahara region, where it is known as the dirham.
Morocco benefits from its proximity to Europe when it comes to conducting business with the European Union.
The country’s economy is one of the fastest-growing in all of Africa, according to the World Bank. This expansion is reflected in the fact that its currency is ranked among the top ten highest currencies in Africa.
5. Botswana Pula
- Currency Name: Pula
- Code: BWP
- Current Exchange Rate: $1 = 11.32P
The Pula is the fifth most valuable currency in Africa. Botswana’s currency is pegged to the South African Rand, and it is known as the pula.
Located in Southern Africa, Botswana is a democratic country with a strong economy and a stable democracy.
The Pula has been associated with Botswana for more than 45 years, dating back to the country’s independence from Britain in 1966.
6. Seychellois Rupee
- Currency Name: Seychellois Rupee
- Code: SCR
- Current Exchange Rate: $1 = SRe 12.92
The Seychelles is an Indian Ocean country with one of the highest currencies in Africa, the Seychellois Rupee.
The country’s strict monetary policy is the primary reason for the strong performance of the currency in recent years.
The country is also a popular tourist destination, which provides it with a significant amount of foreign exchange, which is another factor contributing to its currency’s status as one of the strongest in Africa.
The country is primarily an importer and exporter of goods, and as a result, its economy is primarily driven by the import-export sector, making it a relatively stable currency in the African continent.
Related: All USSD code for loans in Nigeria
7. South African Rand
- Currency Name: Rand
- Code: ZAR
- Current Exchange Rate: $1 = R 15.27
The Rand is currently one of the strongest currencies in Africa, and this is largely due to the country’s recent economic growth. South Africa’s GDP is growing at a rate of 4.6 percent per year, which is sufficient to support this.
According to the World Bank, South Africa has one of the strongest economies in Africa, with a Gross Domestic Product of $351.4 billion and a Gross Domestic Product per capita of 1.4. The economy is reliant on a number of sectors, including mining, tourism, and financial services, among others.
Namibia, Lesotho, Botswana, and Malawi are among the countries in the Southern Hemisphere that have pegged their currencies to the Rand.
8. Eritrean Nakfa
- Currency Name: Nakfa
- Code: ERN
- Current Exchange Rate: $1 = Nfk 15.00
Eritrea is a country in the horn of Africa that has one of the most reliable currencies in Africa. The Nakfa is the country’s official currency.
The main reason for Eritrea’s high currency value is that the country has a fixed exchange rate, unlike most other countries. As a result, it is one of the most valuable currencies in Africa.
Eritrea is an agricultural country with a large amount of fertile land suitable for the production of a variety of agricultural products.
As a result, Eritrea has one of the highest currency values in Africa, owing to the constant high demand for food, which has resulted in the country’s economy growing at a rapid pace as a result of this.
9. Egyptian Pound
- Currency Name: Egyptian Pound
- Code: EGP
- Current Exchange Rate: $1 = E£ 15.71 or ج.Ù… 15.71
For nearly 200 years, Egypt has used the Egyptian Pound as its official currency, and it is still in use today.
Egypt is a very popular country in Africa and is located in the northeastern part of the continent. Cairo is an economically productive city in Africa, accounts for two-thirds of the country’s population and GDP.
Egypt’s economy is one of the world’s oldest, and the country’s banking sector is one of the largest in Africa, with one of the world’s oldest banking systems.
Related: Top Richest States in Nigeria
10. Zambian Kwacha
- Currency Name: Kwacha
- Code: ZMW
- Current Exchange Rate: $1 = ZK 17.20
Zambia is a country in Southern Africa, and the Kwacha is the official currency of the country. The Kwacha has been the official currency of Zambia since the country gained independence from Great Britain in 1964, when it replaced the Zambian Pound.
Zambia is the largest copper producer in Africa, which is one of the factors contributing to its status as one of Africa’s strongest currencies.
Zambia is the largest copper producer in Africa, which is one of the factors contributing to its status as one of Africa’s strongest currencies.
The country has abundant mineral resources, and because copper is the most abundant metal in the country, copper mining is carried out on a large scale.
Zambia gains a significant boost in its ability to earn foreign currency from the sale of metals to other countries as a result of this.