Top 10 Highest Currencies in Africa In 2022 Most Valuable

Have you ever wondered what is the highest currency in Africa, you know the Strongest most valuable currency in Africa, those particular currency notes that give you more buying power in other countries. Well, NaijaQuest has got your back on that, with the right answers.

You probably already know that the strength of a currency is determined by its value in the international market.

Financial experts have discovered that elements like the financial policies of a country and the constancy of the value of a currency largely determine the strength of a currency. The US Dollar is the strongest currency in the global market and it is used to determine the value and strength of other currencies in the world. The strongest currency in Africa is the Tunisian Dinar with a current exchange rate of a dollar to 2.98 TND as of the time of writing.

Top 10 Highest Currencies in Africa

Rank No. 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
11. Zambian Kwacha 17.574 ZMW
12. Egyptian Pounds 18.32 EGP

Details on Each Currency

Africa’s Top 10 Strongest Currencies

1. Tunisian Dinar 

Sitting on the number one spot of the top ten strongest currencies in Africa is the Tunisian Dinar which is the official currency of the Republic of Tunisia. It is denoted by the DT symbol and an ISO code of TND. The Central Bank of Tunisia prints, issues and administers the Tunisian Dinar. The strongest currency in Africa is denominated in coins by 5, 10, 20, 50, and 500 millimes; 1, 5, and 10 dinars, while the banknotes are issued in 5, 10, 20, and 50 dinars. The current exchange rate of a dollar to 1 Tunisian Dinar is 2.979 TND.

Tunisia is a North African country, the country borders the Mediterranean Sea and the Sahara Desert. The capital city of Tunisia is Tunis. It is home to the Bardo Museum which has archaeological exhibits from Roman mosaics to Islamic art. You most likely won’t need to apply first for a visa to visit Tunisia, citizens of most countries are offered a 90-day visa on arrival for a fee. The country is an Island country with over 99% of the inhabitants being Muslims of the Sunni extraction.

2. Libyan Dinar 

The second-strongest currency in Africa is the Libyan Dinar which is the official currency of Libya. It’s symbolized by LD and an ISO code of LYD, and the Central Bank of Libya is tasked with printing, issuing, and administering the Libyan Dinar. The coins in circulation in Libya currently are the 1, 5, 10, 20, 50, and 100 dirhams; ½, and ¼ dinar while the banknotes in circulation are 1, 5, 10, 20, and 50 dinars. The Libyan Dinar has an exchange rate of a Dollar to 4.674 LYD.

Libya is known for its vast deposit of crude oil. The nation has a rich oil reserve. Libya covers an area of almost 1.8 million square kilometers and is the fourth largest country in Africa, the 16th largest in the world. The country has the 10th largest proven oil reserve in the world. The capital city of Libya is Tripoli and it is also the largest city in the country. Located in western Libya, it is home to over one million of Libya’s total population of six million people. The second-largest city in Libya is Benghazi. It is located in eastern Libya.

3. Ghanaian Cedi

The Republic of Ghana has one of the strongest currencies in Africa which is called the Ghanaian Cedi. A single unit of the Ghanaian Cedi is subdivided into 100 pesewas and it is denoted by GH¢ and an ISO code of GHS. The Bank of Ghana which is Ghana’s central Bank prints, issues, and manages the Ghanaian Cedis. The pesewas coins are denominated in 1, 5, 10, 20, 50Gp, GH¢1, and GH¢2 while the banknotes are issued in 1, 2, 5, 10, 20, 50, 100, and 200 GH¢ notes. The exchange rate of 1 US Dollar to a Ghanaian Cedi is 7.41 GHS.

Located in West Africa, Ghana, with a growing and well-managed economy, is constantly improving. This has earned them the third spot with the Ghanaian cedis as one of the highest currencies in Africa.. Ghana is the first sub-Saharan African country to become independent when it gained independence on March 6th, 1957. The Ghana flag was designed in the year 1957 by Theodosia Salome and has red, gold, and green colors with a black star.

4. Moroccan Dirham 

The official currency of Morocco is the Moroccan Dirham and a single unit of the currency is divided into 100 cents. The Moroccan Dirham is denoted by the DH symbol and an ISO code of MAD. Bank Al-Maghrib which is the Central Bank of Morocco is concerned with printing, issuing, and administering the Moroccan Dirham. The coins in circulation in Morocco presently are the 5, 10, and 20 centimes; ½, 1, 2, 5, and 10 Dirhams while the banknotes in circulation are 20, 50, 100, and 200 Dirhams. A Dollar is equivalent to 9.766 MAD. 

Morocco is yet another North African country to feature on the list. Morocco borders the Atlantic Ocean as well as the Mediterranean Sea and is well distinguished by its Berber, Arabian and European cultural influences. Marrakesh’s medina which is a mazelike medieval quarter offers entertainment in its Djemaa el-Fna square and souks (marketplaces) selling ceramics, jewelry as well as metal lanterns. The capital city Rabat’s Kasbah of the Udayas is a 12th-century royal fort overlooking the water.

5. Botswana Pula 

Botswana’s legal tender is the Botswana Pula whose single unit is divided into 100 thebe and denoted by P and the ISO code of BWP. The Bank of Botswana is concerned with printing, issuing, and administering the Botswana Pula. The currency is denominated in coins by 5, 10, 25, 50 thebe; 1, 2, and 5 pula while the bank notes are denominated in 10, 20, 50, 100, and 200 pula. The current exchange rate of a Dollar to a Botswana Pula as of April 2022 is 11.558 BWP. 

Botswana is a landlocked country located in Southern Africa with a landscape defined by the Kalahari Desert and the Okavango Delta, which transforms into a lush animal habitat during the seasonal floods. The massive Central Kalahari Game Reserve is known for its fossilized river valleys and undulating grasslands is home to several animals including giraffes, cheetahs, hyenas, and wild dogs.

Botswana is the 47th largest country in the world covering an area of 600,370 sq. km. It is a representative democratic republic with the president as the head of state and head of government. Botswana runs a multi-party political system. Legislative power is in both the Parliament and the government. The Botswana Democratic Party has dominated the party system in the country since the country became independent.

6. Seychellois Rupee 

The official currency of Seychelles is the Seychellois Rupee and it is denoted by the Rs /- and the ISO code of SCR. A unit of Seychellois Rupee is subdivided into 100 cents. The Central Bank of Seychelles is concerned with printing, issuing, and managing the Seychellois Rupee. The coins in present circulation are 1¢, 5¢, 10¢, 25¢; 1, 5, 10 rupees while the banknotes in circulation are 10, 25, 50, 100, and 500 rupees. As of April 2022, the exchange rate of a Dollar to a single unit of Seychellois Rupee is 14.448 SCR.

7. South African Rand 

The legal tender in South Africa is the Rand which is denoted by R and an ISO code of ZAR. A single unit of South African rand is divided into 100 cents. The South African Reserve Bank is concerned with printing, issuing, and managing the South African Rand. The official currency of South Africa in circulation is denominated in coins by 10, 20, and 50 cents; 1, 2, and 5 Rands while the notes are denominated in R10, R20, R50, R100, and R200. A US Dollar is equal to 14.510 ZAR.

The South African Rand could possibly be up higher on this list than it currently is, but it has progressively lost value over time. South Africa is the second-largest economy in Africa currently. The country is located on the southernmost tip of the African continent and is marked by several distinct ecosystems.

The Inland safari destination Kruger National Park is well-populated by big game. The Western Cape features beaches, lush Winelands around Stellenbosch and Paarl, craggy cliffs around the Cape of Good Hope, and forest and lagoons are found along the Garden Route, and in Cape Town, beneath flat-topped Table Mountain.

8. Swazi Lilangeni

1 USD To 14.64 SZL
1 SZL To 19.49 NGN

The official currency of Eswatini is called Lilageni and subdivided into 100 cents

9. Namibian Dollar

1 USD To 14.64 NAD
1 NAD To 24.65 NGN

In 1993, the Namibian dollar became the official currency of Namibia, with the code NAD.

10. Eritrean Nakfa 

The official currency of Eritrea is the Nakfa which is one of the strongest currencies in Africa. Nakfa denoted by Nkf and an ISO code of ERN is subdivided into 100 cents. The Bank of Eritrea prints, issues and administers the Eritrean Nakfa. The Eritrean Nakfa is denominated in coins by 1, 5, 10, 25, 50 cents; 1 Nkf while the banknotes in circulation are 1, 5, 10, 20, 50, and 100 Nakfa. The Eritrean Nakfa is considered a strong currency in Africa with a current exchange rate of a Dollar to 15 ERN.

Eritrea is an island nation in Africa. Eritrea is located in northeast Africa on the Red Sea coast. It shares borders with countries such as Ethiopia, Sudan, and Djibouti. The capital city of Eritrea is Asmara and is well known for its Italian colonial buildings such as St. Joseph’s Cathedral, as well as art deco structures. Italian, Egyptian, as well as Turkish architecture in Massawa, reflect the port city’s colorful history. Notable buildings in Eritrea include St. Mariam Cathedral and the Imperial Palace.

11. Zambian Kwacha 

Zambia’s official currency is the Kwacha which means Dawn. It is denoted by K or ZK and an ISO code of ZMN and divided into 100 Ngwee. The Bank of Zambia which is the Central Bank of Zambia is tasked with the responsibility of printing, issuing, and managing the Zambian Kwacha. Zambia’s official currency is denominated in coins by 5, 10, and 50 Ngwee; 1 kwacha while the bank notes are denominated in 2, 5, 10, 20, 50, and 100 kwacha. As of April 2022, a US dollar is equivalent to 17.574 ZMN.

12. Egyptian Pound 

Occupying the 10th position of the strongest currencies in Africa is the Egyptian Pound which is the official currency of Egypt. It is represented by E£ or LE and an ISO code of EGP and it is subdivided into 100 Piastre. The Central Bank of Egypt is concerned with printing, issuing, and administering the Egyptian Pound. The official currency of Egypt is denominated in coins by 25pt, 50pt, and £1 while the banknotes are denominated in 1, 5. 10, 20, 50, 100, and 200 pounds. A US dollar is equivalent to 18.32 EGP. 

Egypt is a very famous Arab nation that has been in existence since biblical times. Famous for its pyramids, the Egyptian pound which is the currency of this North African country is one of the most valuable on the African continent. Egypt links northeast Africa with the Middle East. Ancient monuments sit along the fertile and famous Nile River Valley, including Giza’s colossal Pyramids and Great Sphinx as well as Luxor’s hieroglyph-lined Karnak Temple and Valley of the King’s tombs. The capital city of Egypt is Cairo. It is home to Ottoman landmarks such as the Muhammad Ali Mosque and the Egyptian Museum, a trove of antiquities.

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Closing 

The Value of a country’s legal tender is important because it is a huge determinant of a country’s financial strength and performance. Furthermore, the value of a country’s currency is also an important factor that foreign investors consider before going ahead to invest in a particular country. Tourists in a foreign country will find the information about the strength of the official currency of the country they are visiting valuable. The Tunisian Dirham tops the list of the top ten strongest currencies in Africa closely followed by the Libyan Dinar and the Ghanaian Cedi.

I would love to know which of the countries with the strongest currencies in Africa you would love to visit sometime, so please head over to the comment section below to tell me all about it. Additionally, if you have either a comment or thought about this piece, please feel free to also drop them in the comment section below. I am looking forward to hearing and reading from you.