Top 10 Highest Valued Currencies In Africa: A currency value is usually dependent on the present state or condition of that country’s economy and also on how strong the purchasing power of that currency is in the international market. The United states Dollar is used worldwide to trade in the international market hence, most African currencies can value their individual country currency based on the how it stands against the US Dollar.
Sadly, many countries in Africa do not have strong or steady and stable currencies due to poor management of the economy and finance, with lots of this as a result of political tussle, greed and instability.
Africa though has come a long way from being known as the black poverty stricken continent to a continent filled with lots of potentials and business opportunities, as lots of investors look to tap into the unlimited amount of resources in the continent.
Also, the amount, rate and type of goods exported and imported by a country can also affect the strength of any currency. Definitely, countries with a higher export rate than import would have a pretty strong currency.
*Note the currency values are bound to shift by little fractions as country economy increases or decreases, and as the market opens and closes.
Here is the List of The Top 10 Highest Valued Currencies In Africa
10. The Egyptian Pound
This is the standard currency of the country of Egypt. Although they have had a handful of challenges in their country, they have also managed to keep their economy strong and their currency even stronger.
While $1 is worth 17.85 Egyptian pound it is worth 23.9 in Nigerian currency.
9. The Eritrean Nakfa ERN Nakfa
The Eritrean Nakfa ERN Nakfa is the standard currencybfy spent in the African country Eritrea, is an island country in Africa. The Nakfa ERN Nakfa comes in at no 1 on the list of the highest valued currencies in Africa and is valued at $1 to 15.2 ERN. The ERN is also valued at 20.55 in Nigerian currency.
8. The South African Rand
Rand is the currency spent in the southern area of Africa. although the currency was devalued few years ago, the south African rand is still strong and valued enough to earn a place in the top The South African Rand currently has an exchange rate of $1 US Dollar to 12.98 South African Rand, while 1 South African Rand is equivalent to to 24.29 Naira.
7. The Botswana Pula BWP
This is the standard currency accepted in the African country of Botswana. Botswana though not a very popular country even in Africa has managed to turn things around and make a good use of their economy as the country has one of the highest Human Development Indexes in Africa. With their economy built mainly on cattle ranching, mining and the service sector. $1 US dollar is equivalent to 10 Botswana Pula, while 1 Pula is equivalent to 34.6.
6. The Moroccan Dirham Mad
The Moroccan Dirham is the standard currency accepted in the African country of morocco. The country of morocco has their economy built around tourism, agriculture and manufacturing. While $1 US Dollar is equivalent to 9 Moroccan Dirham, 1 Moroccan Dirham equals to 33.
5. Zambian Kwacha ZMW
Zambia might not have come to the mind of an average African man when estimating their value, due to their small population and lack of command in the African economy. However they are doing so well that they sit at no 5 of the most valued currencies in Africa.
The Zambian Kwacha has an equivalent of 8.86 to 1 US Dollars, and is also equals to 35.57.
4. Sudanese Pound SDG
The Sudanese Pound SDG is the standard currency accepted in the African country Sudan. The SDG, though has suffered through years of heartbreaking civil wars, that has not deterred it from going strong and ranking high still. Currently Ranked at no 4, Their economy is based majorly on exports from crude oil, crude oil exports, fishing, and agriculture. The currency currently exchanges at 6.60 Sudanese pounds to 1 US Dollars.
3. Ghanaian Cedis GHS
Ghana has a rich deposit of gold and they have managed to turn their economy around in the last 10 years and as a result their currency is valued among the highest valued currency in Africa. Currently, 1 Ghanaian Cedi is equivalent to 1 US Dollars. Compared to Naira, it is 71 to 1 Cedi.
2. Tunisia Dinar TND
The Tunisian Dinar is the second highest valued currency in Africa. While 1 US Dollar can be exchanged to 2.41 dinar, to the naira 1 dinar is exchanged or equivalent to 130.
1. Libyan Dinar LYD
Libya has the highest currency exchange rate in Africa. Libya also uses the Dinar, but theirs has their country name as its prefix, hence is called the Libyan dinar. Libya has a very strong economy with most of their revenue coming from the vast deposit of crude oil found in the country. 1 US dollar is currently equivalent to 1.34 Libyan Dinar. 1 Libyan Dinar is currently equaled to 235.29 Naira.