Top 10 Highest Currencies in Africa In 2023 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||3.12 TND|
|2.||Libyan Dinar||4.674 LYD|
|3.||Morrocan Dinar||10.41 MAD|
|4.||Botswanan Pula||13.24 BWP|
|5.||Ghana Cedis||14.23 GHS|
|6.||Seychellois Rupee||13.00 SCR|
|7.||Eritrean Nakfa||15.00 ERN|
|8.||Zambian Kwacha||19.71 ZMW|
|9.||South African Rands||18.42 ZAR|
|10.||Namibian Dollar||18.41 NAD|
Details on Each Currency
Africa’s Top 10 Strongest Currencies
1. Tunisia Dinar
TND Dollar Exchange Rate: 1 USD = 3.13 TND
The Tunisian Dinar is the strongest currency in Africa; it exchanges for around TND3.13 per US Dollar. The currency was introduced in 1960, to replace the Franc as the country’s currency. That was more than an economic move; it also symbolized that the country was socially and culturally ready to stand on its own.
Tunisia, located in northern Africa, is a very well organized country with a diverse economy; industry, agriculture, mining, petroleum and tourism are all important sectors of the economy. Tunisia shares many social and economic ties with Europe- especially the countries of France and Spain.
However, its Dinar resembles the currencies of many countries in the Middle East.
2. Libyan Dinar
LYD Dollar Exchange Rate: 1 USD = 4.82 LYD
The Libyan Dinar remains one of Africa’s strongest currencies despite around 12 years of war and social instability. The Libyan Dinar presently exchanges for around LYD 4.82 to USD 1. The Libyan Dinar is still one of the most sought after currencies in Africa, especially for those looking to travel to the North African sub region.
Libya has abundant natural resources, including oil, gold, and silver. The country was so well organized up till the early 2000s; it practiced a mixed economy in which private investments were encouraged, and the government still played an important role in the daily lives of the people.
Libya still has a good social structure; and many people still find it a good place to migrate to.
3. Moroccan Dirham
1 USD = 10.41 MAD
Another North African currency, in the form of the Moroccan earns the spotlight due to its strength. The Moroccan Dirham exchanges for 1 USD = 10.41 MAD. Studying the price chart reveals that the Moroccan Dirham has been losing ground against the Dollar for about three years starting 2020. It even peaked at MAD11 to USD1 at a point. Hopefully, this will be corrected, and the country will continue to enjoy a stable and strong currency.
The Moroccan economy is quite well diversified; agriculture, phosphate minerals, tourism, industry, manufacturing, and food processing are all important industries. Sales of fish and seafood are important to the economy, Moroccan canned fish is sold all over the continent.
4. Botswana Pula
1 USD = 13.24 BWP
Interesting that Botswana; a small country in Botswana is a landlocked country in Southern Africa should have such a valuable currency; but the hard work of the people is paying off. The Pula means “rain” or “blessing,” and rain is somewhat scarce and valuable in this arid country.
Botswana has one of the world’s fastest growing economies; one that is propelled by diamond mining, tourism, beef processing, and textile manufacturing.
5. Ghanaian Cedi
1 USD = GHS14.23
The Ghanaian Cedi is the strongest currency in West Africa; it exchanges for GHS12.87 to one USD1. Studying the price chart of the Ghanaian Cedi shows that it has been losing ground against the dollar for around 5 years, although there was a marked increase in strength towards the end of 2022.
Ghana’s economy is well managed and showing signs of improvement; some of the important economic sectors include agriculture, industry, mining, shipping, food processing, ship building, and petroleum.
6. Seychellois Rupee
1 USD = 13.00 SCR
The Seychellois Rupee is another important currency in Africa; currently it exchanges for about SCR13 to USD1. Looking at the price chart it shows that the Seychellois Rupee has been trading flat when compared to the USD; that is apart from a sharp drop in value to the point when it sold for about SCR20 for one dollar- that was in 2021.
Seychelles is a group of islands in the Indian Ocean; off the coast of East Africa. The economy of Seychelles is buoyed by tourism, agriculture, fishing, and textiles. The country has close economic ties with India; the Seychellois Rupee resembles the Indian Rupee.
7. Eritrean Nakfa
1 USD = 15.00 ERN
The Eritrean Nakfa is one of the highest currencies on the black continent, although it compares poorly in terms of volume of trade. Presently, the Eritrean Nakfa trades at ERN15 to 1USD.
Eritrea has little international trade going; it is often referred to as the “North Korea of Africa.” Nevertheless, agriculture, tourism, mining, and so on, are important economic activities. The country needs to work on its diplomacy, and on its international relations.
8. Zambian Kwacha
USD1 = ZMW19.71
The Zambian Kwacha is another surprise entry, but it earns its right to be listed because it has shown strength for many years. The Zambian Kwacha currently exchanges at the rate of ZMW19.71 to one USD1. A look at the price chart reveals that the Kwacha has generally been losing ground against the dollar; although there was a slight trend reversal from August 2021 to October 2022.
Zambia’s economy is buoyed by beverages, mining, tourism, agriculture, construction, food processing, and so on. The economy is quite well diversified; and showing signs of improvement.
9. South African Rand
The South African Rand is one of the most popular currencies on the continent; it has been known for many years for its strength. It presently exchanges for around Rands18.42 to one dollar. The price chart reveals that the South African Rand has generally been losing ground against the dollar, although between April 2020 and May 2021, the Rand gained considerable ground.
South Africa’ economy is diverse; gold mining, agriculture, services, industry, tourism, and industry are all important sectors. South Africa has a very developed economy, and the country is very attractive to visitors and tourists.
10. Namibian Dollar
The Namibian Dollar is the currency of Namibia in Southern Africa. It currently exchanges for about NAD18.41 to 1USD. The Namibian Dollar has had a similar price history with the South African Rand against the US Dollar, although it has generally lost weight against the Dollar in recent years.
Namibia’s economy is boosted by uranium, gold, agriculture, cattle herding, and so on.
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The highest currencies in Africa are mostly the currencies of the countries in northern and southern Africa. The whole of West and Central Africa only has one country on this list; showing that a lot of work has to be done to bring Africa up to a level where it can compete favorably against other continents in terms of economy and currency strength.