Ever wondered which African country has the most elevated currency in Africa? I will tell you in this report where we will list some of the most elevated currencies in Africa. The Africa as a continent is home to 54 countries with different currencies.
We shall be approximating these countries’ currencies with the US dollar because it is the most powerful currency in the world.
Let us start our countdown of Nations with the highest currency in Africa.
Which countries has the highest currency in Africa?
The following are the top 10 Loftiest currencies in Africa in 2022:
Currency Title: Dinar
Current Exchange Rate $1 equal 2.88 د.ت
Tunisia has the most elevated currency in Africa with the Dinars. This country is also an Arabic country found in Northern Africa, and it is home to one of the fantastic currencies that mostly attract foreign investors for the business.
The Tunisian Dinar is connected to the Euro as it operates this currency along with Algeria’s Dinar to form a standard currency. This basis is its stability as it has strong backing from another country.
Tunisian Dinar is also a solid African currency because the country has efficient import & export policies. As a result, when the country’s economy is brought-down, its people are not influenced by a sound fiscal and monetary policy.
The currency has an ISO code “TND” &1 TND = 0.36 USD, which summarizes to 1$ = 2.88 TND as of January 2022.
Tunisian Dinar Currency
Currency Title: Dinar
Current Exchange Rate: $1 equal 4.58 ل.د
Number two on our list of the tallest African currency is the Libyan Dinar. The National Bank of Libya gives this currency, & it has an ISO code, “LYD.” It is number 1 on our list because 1 LYD equal 0.22 USD, which summarizes to 1$ = 4.58 LYD.
For a longest time, the Libyan Dinar has stood the strongest currency in Africa because of the strict financial policy set out by Libya’s central bank. Libya is also wealthy in resources like oil, gold, and silver.
Libya is also among those African nations whose economies heavily rely on oil export, making LYD valuable. It has to be traded for USD or other foreign currencies for its residence exporters. This makes LYD 1 of the strongest currencies in Africa presently.
Libyan Dinar has forever been a very stable currency, even when political turmoil swept Libya because of internal problems back in 2011. Today, the Libyan Dinar is yet one of the most valued African currencies.
Currency Name: Cedi
Current Exchange Rate: $1 = GH₵ 6.16
In 2007 the Central Bank of Ghana substituted the Cedi, and ever since then, it has been increasing in strength and value. Even though Ghana is one of those nations affected by the foreign exchange problem in 2008 Tunisia, Morocco,& South Africa, its currency was not drilled as hard as the others.
The Cedi is one of the most powerful Currency in Sub-Saharan Africa, and it is an authorized currency for both the Republic of Ghana and the Northern region in Togo.
The Cedi includes a peg with the US dollar, which completes it one of the strongest currencies in Africa; 1 GHC equal 0.16 USD, which summarizes to 1$ = 6.16 GHC
The GPD of Ghana is the biggest in West Africa, contributing to the Cedi being one of the most elevated currencies in Africa.
Currency Title: Dirham
Current Exchange Rate: $1 = DH 8.99
Moroccan Dirham is an antique currency in Africa as it has been about for more than hundred years. It is the currency of Morocco and it’s neighbouring nations in the Western Sahara region.
Being close to Europe benefits Morocco from doing business with the European Union. As a result, the nation is one of the fastest-growing economies in Africa. This growth is reflected by its currency being among the highest on our list.
Currency Tittle: Pula
Current Exchange Rate: $1 equal 11.32P
Coming in at number 5 on our index of the highest currency in Africa is the Pula. Its the currency of Botswana that is next to the South African Rand.
Botswana is found in Southern Africa with a steady democracy and strong economy. The Pula has been with Botswana’s currency for more than 45 years from its independence from Britain back then.
Currency Title: Seychellois Rupee
Current Exchange Rate: $1 equal SRe 12.92
Seychelles is an Indian Ocean country, & it has one of the highest currencies in Africa in spans of value, which is the Seychellois Rupee.
The main basis the currency is strong is because of the country’s tough monetary policy. The country is also an excellent goal for tourists, and this gives it a lot of foreign exchange, which is likewise another reason for the currency to be one of the most powerful.
The country primarily imports & exports goods, and thus, its economy is mainly driven by the importance to export sector, making it a stable currency in Africa.
South African Rand
Currency Title: Rand
Current Exchange Rate: $1 equal R 15.27
Currently, the Rand is one of the most powerful currencies in Africa, and this is due to recent financial growth. South Africa’s GDP can support this is increasing at a rate of 4.6% annually.
South Africa has one of the most powerful economies in Africa, with its Gross Domestic Product existing $351.4 billion as ranked by the World Bank. The economy is pendant on several sectors such as mining, tourism, and financial benefits.
Several nations in the South have pegged their currency to the Rand, such as Namibia, Lesotho, Botswana, and Malawi.
Currency Title: Nakfa
Current Exchange Rate: $1 equal Nfk 15.00
Eritrea is one of the nations in the horn of Africa with one of the most noteworthy currencies in Africa, the Nakfa, which is its authorized currency.
The main reason for Eritrea to have increased currency value is because the country has a specified exchange rate. This makes it to be one of the highest currencies in Africa.
Eritrea is an agricultural country with many productive lands for growing verious agricultural products. This has made Eritrea have one of Africa’s most elevated currency values as the need for food is always high, subsequently increasing its economy grow at a rapid rate.
Currency Title: Egyptian Pound
Current Exchange Rate: $1 equal E£ 15.71 or ج.م 15.71
The Egyptian Pound is the authorized currency of Egypt, and it has been with the country for near to 200 years.
Egypt is a populated country in Africa located Northeast of Africa. Cairo, the biggest city in Africa, produces up 2/3rds of the country’s population and GDP.
Egypt has one of the most senior economies globally, and the banking sector in Egypt is one of the biggest banks in Africa.
Currency Title: Kwacha
Current Exchange Rate: $1 equal ZK 17.20
Zambia is also found in Southern part of Africa, and the Kwacha is its authorized currency. The Kwacha has been with Zambia for over 54 years since achieving independence from Great Britain and replacing the Zambian Pound.
One of the explanations that it is one of Africa’s strongest currencies is that Zambia is the largest copper producer in Africa as a whole. The country has rich mineral resources, and with Copper standing the most dominant metal, mining of Copper is done on a big scale. This gives Zambia a significant boost to earn foreign currency from trading the metals to other countries.
We had only recorded the top 10 strongest currencies in Africa but chose to add all the African currencies below.
Strongest Currencies in Africa Overview
Here is a table with all the African Countries’ currencies from the strongest to the weakest:
As you can see from the table overhead, there is no top 100 highest currency in Africa 2022. However, you can see which country has the highest currency.
I will update the country’s list with the most elevated currency with new data since the exchange rate changes continually.
Highest Currency in Africa Conclusion
In summary, This article has recorded the highest currencies from around Africa. I hope this report will help you know and understand currencies better.
The article offers us the strength of a currency, which is specified by exchanging it against the dollar. The trade rate is the main factor that determines a currency’s strength.
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Thanks for lesson, and see you next time!