Which country in Africa has the strongest currency? Read to the end of the article to find out the name of the country with the highest currency in Africa 2017.
The value of any currency depends on the state of the country’s economy and on purchasing power of the currency on the international market. The strength of most African currencies is based on their value in comparison with the United States Dollar. This is because the US Dollar is the currency used worldwide to trade on the international market.
Most African countries do not have strong and stable currencies. This is because most of the countries in Africa have a precarious economy and political instability. Another thing that affects the strength of any currency are goods exported and imported by the country. A country that has more export than import will have a strong currency while a country that has more import than export will not be very strong.
List of highest currency in Africa
This list contains ten currencies that are among the highest currency in Africa.
Egyptian Pound
The currency spent in Egypt is named among the highest currencies in Africa. The country has had a couple of political turmoil and challenges. But despite their challenges, they have been able to keep their currency strong. The Egyptian pound currency exchanges at 1 US Dollar to 17.81 Egyptian pounds, and 1 Egyptian pound equals to 17.65 Naira.
Eritrean Nakfa ERN
Nakfa is the currency spent in Eritrea, which is an island country in Africa. Their currency is stronger than Nigerian Naira and is among the strongest in Africa. The Eritrean Nakfa exchanges at 15 to 1 US Dollars, and 1 Eritrean Nakfa equals to 20.55 Naira.
READ ALSO: Naira sustains growth against Dollar, Pound at parallel market
South African Rand
The currency spent in South Africa is one of the highest currencies in Africa for 2017. The currency was devalued almost two years ago. Although it has dropped in value over the last few years, it remains among the highest valued currency in Africa. The South African Rand currently exchanges at 1 US Dollar to 12.98 South African Rand, and 1 South African Rand equals to 24.29 Naira.
Botswana Pula BWP
The Botswana’s currency is among the most valuable currencies in Africa. The economy of Botswana is often regarded as an African success story. The country has one of the highest Human Development Indexes in Africa. Their economy is built largely on mining, cattle ranching, and the service sector. Currently, 1 US Dollars equals to 10 Botswana Pula.
Moroccan Dirham Mad
This is currently one of the strongest currencies in Africa. Morocco’s economy is built on agriculture, tourism, and manufacturing. 1 Moroccan Dirham equals to 33 Naira. When we are talking about equivalent in dollars, Moroccan Dirham trades at 9 to 1 US Dollars.
Zambian Kwacha ZMW
The Zambian Kwacha is currently the tenth highest currency in Africa. The Zambian Kwacha exchanges at 8.86 to 1 US Dollars, and 1 ZMW equals to 35.57 Naira.
Sudanese Pound SDG
Sudan’s currency is also part of the highest currencies in Africa today because of some re-evaluations did over the past few years. Despite all the years of civil wars in the country, they have done a good job in managing their value of their currency. Their economy is based majorly on crude oil exports, fishing, and agriculture. The currency currently exchanges at 6.60 Sudanese pounds to 1 US Dollars.
Ghanaian Cedis GHS
Ghana is one of Nigeria’s closest neighbor and a West African country. Unlike most rich African countries blessed with crude oil, Ghana is blessed with vast deposit of gold. Over the years, they have grown and managed their economy very well. And as a result of this, their currency is valued among the highest valued currency in Africa. Currently, Ghanaian Cedi exchanges at 4 to 1 US Dollars. Compared to Naira, it is 71 Naira to 1 Cedi.
Tunisia Dinar TND
The Tunisian currency is the second highest currency in Africa. Compared to the Naira, 1 Tunisia Dinar is equivalent to 130 Naira. The Tunisian Dinar exchanges at 2.41 to 1 US Dollar.
Libyan Dinar LYD
Libya is the country with the highest currency in Africa. The currency currently exchanges at 1.34 Libyan Dinar to 1 US Dollar. 1 Libyan Dinar is currently equaled to 235.29 Naira. It is believed that Libya’s currency has the highest value because Libya has a vast deposit of crude oil.
The Nigerian Naira is not among the highest currencies in Africa because of the recent economic recession experienced in the country and also the fall in oil price globally. Nigeria’s primary source of revenue comes from crude oil. But there has been a recent improvement with the Naira gaining strength. We hope that sooner or later, the Naira will be among the top highest currency in Africa.
Note that in most African countries currency value changes from time to time and so there also can be changes in their positions on the list of highest currencies in Africa.
READ ALSO: History of economic recession in Nigeria
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