Most times, the highest currencies in Africa reflect the state of their economy. There are over 54 countries in Africa with different currencies and strengths. Some are valuable and strong while some are weak. Today, we will be taking a look at the top highest currencies in Africa.
Before that, let us take a look at what is Global Currency and how it affects the currencies in Africa.
What is a Global Currency?
Global currencies are seen as the strongest currencies in the world. They are used mostly in almost all transactions in the world. An example is the US dollar which is seen as the main currency and used in almost 64% of foreign transactions in the world. Although not the strongest currency in the world, the US Dollar is compared to other currencies to measure their strength.
That being said, below is the list of the highest currencies in Africa with their exchange rate when compared to the US Dollar.
Top 10 Highest Currencies in Africa
1. Tunisian Dinar (1 USD = DT 2.82)
Tunisian Dinar is currently the strongest currency in Africa. The country which was ruled by the French during the colonial days has changed its currency from French Franc to Dinar since 1960. Since then, Dinar which is a legal tender in the North African country has grown to be one of the highest currencies in Africa.
This is a result of the country’s strict exportation and importation policies. Tunisia is known for its strong exportation activities, especially agricultural produce.
2. Libyan Dinar (1 USD = LD 4.55)
Next to the Tunisian Dinar is the Libyan Dinar. Despite North Africa Country’s instability, violence, and war, Dinar remains the highest currency in Africa.
The country’s economy and currency strength is contributed by its natural resources like Petroleum. In addition, Libya has strict monetary policies, among which is the limited selling of US dollars to its citizen which has helped greatly in strengthening the currency. Check out The 25 Poorest Countries In Africa 2021 – [IMF Current Data]
3. Ghanian Cedis (1 USD = GH 6.10)
Here is also one of the most popular and highest currencies in Africa. No doubt, Ghana’s economy is one of the most stable economies in Africa.
The country has developed as a result of its different programs and jobs. Using GDP per capita, Ghana is one of the leading countries in Sub-Sahara Africa. With a USD to GH rate of 1 to 6.10, Ghanaian Cedis is one of the most valuable currencies in Africa.
4. Moroccan Dirham (1 USD = MAD 9.07)
This is another stronger currency in Africa. Morocco is known for its close trade and relation with European countries. This helps in boosting the country’s economy and currency strength. Check out The 20 Most Populous Countries In Africa
5. Botswana Pula (1 USD = BWP 11.33)
Botswana Pula is also one of the highest currencies in Africa. The country has an attractive currency which boosts its strength in the stock exchange market.
Also, the country’s economy and political structure are stable. Some of this is a result of its international trading and other activities including Copper, Diamonds, Textiles, Livestock, and agriculture.
6. Seychellois Rupees (1 USD = SCR 14.17)
Seychelles is another country in Africa with a great economy and strong currency. The country’s economy is largely dependent on activities like farming, fishing, manufacturing, and other industrial activities.
Also, the African low population Country has attracted a lot of foreign investment which contributed to the economy and strength of their currency. Seychelles is also known for its tourism strength as well as its strict monetary policy. Therefore, the Seychellois Rupees is one of the highest currencies in Africa.
7. Eritrean Nakfa (1 USD = ERN 15.0)
The next currency on our list of top highest Currencies in Africa is the Nakfa spent by the Eritrean. It is a stable currency with a fixed exchange rate like many other strong currencies on our list. Eritrean Nakfa is currently 15.0 when compared to 1 USD. See the Top 10 Most Technologically Advanced Countries in Africa
8. Egyptian Pound (1 USD = EGP 15.71)
Without mentioning the Egyptian Pound, the list of the top highest currencies in Africa won’t be completed. The Egyptian economy is known as one of the largest economies in Africa which can be seen in the strength of its currency.
The currency continue to gain strength rapidly over the years. This is a result of its unlegalized use in Sudan and some other countries for trade. In addition, the government policy on reduced interest rates helps also in attracting different investment opportunities both domestic and foreign.
All of these have impacted the economic and industrial strength of the country thereby affecting the currency positively.
9. South African Rand (1 USD = ZAR 15.8)
It is not a surprise that the South Africa Rand is one of the highest currencies in Africa. Because South Africa’s economy is stable and the country is one of the largest exporters and producers of gold and other platinum metals globally.
South Africa is also a major player in Automobile manufacturing and commercial shipment in Africa. Not only that, many other African Currencies like Lesotho Loti, Swazi Lilangeni, and Namibian Dollar have pegged the same value to the currency.
All these among many other things contribute to the strength of the South Africa Rand as one of the valuable currencies in Africa. Check out the Weakest Currencies in the world
10. Zambian Kwacha (1 USD = ZMW 17.23)
Another valuable currency in Africa is the Zambian Kwacha. Although the currency is unstable and experiences volatility, it is one of the strongest currencies in Africa.
Zambian Kwacha experience volatility because of the country’s economy which is directly linked to the trading of Copper. The currency is stable when the copper price is high and unstable when the copper price is fluctuating.
The Highest Currencies in Africa
The above-mentioned highest currencies in Africa are ranked by their current exchange rates to the US dollar as of the time of writing. Although there are many other strong economies and currencies in Africa, these are the strongest.
Apart from the economy, the currency strength also says a lot about the standards of living of the average citizens of each Country.