Highest Currencies In Africa
Long-time ago Africans uses the Trade by barter system, but this changed in the 17th century as the European colonial powers introduced their monetary policy into countries they invaded.
Since legal tender in the form of paper or polymer notes and the dropping of old trade by barter system, currencies have continued to stay a fundamental/Main factor in which the strength of an economy, all over the world is generally analyzed.
Also, note that the value of currencies in today’s world is being determined by a few numbers of things which are;
i)inflation of the country
ii)market force in the country
iii) The country’s demand and supply and, finally, the country’s foreign exchange market.
In this article, we will look into the countries in Africa with the most valuable currencies using their exchange rate to the United States dollar as a benchmark to decide their value.
Please note that each currency might go higher or low depending on the market standings.
Lists of the top 10 Highest Currencies In Africa
So here is the latest Top 10 highest currency in Africa 2020
1) Libyan Dinar (1 USD = 1.41 LYD)
Libyan dinar is number one on the highest currencies in Africa
Libyan dinar is known for its huge deposit of crude oil,
Its large deposit of crude oil accounts for 95 percent of its overall export earnings and 60 percent of its Gross Domestic Product(GDP), which was $43.59 billion (as of 2018).
Its economy is among the largest and the most stable economies in Africa, despite the fact it was severely ravaged by war.
2) The Tunisian Dinar (1USD = 2.87 TND)
Next to the Libyan dinar on this list of the highest currencies in Africa, The Tunisian Dinar, Which is their co-northwestern neighbors.
This country is an island, with 99% of its inhabitants being Muslims.
The average living standard of this country is relatively on the prime side with a high minimum wage.
Agriculture accounts for about 11.6% of the country’s GDP (which estimates to about $42.277 billion in 2020), industry 25%, and other services
Speaking about the industrial sector, Tunisia mostly is into the production of clothes, footwear, electrical equipment, and car parts.
As of 2009, Tunisia was ranked the 40th most competitive economy in the world.
The most exciting fact is that its unemployment rate is 14%, which is very low.
3) Ghanaian Cedes (1USD = 5.44 CEDI)
Ghanaian cedis is the only currency from West Africa to make it to the Highest currencies in Africa list 2020.
According to WorldBank, Ghana’s economy accelerated to 8.1% in 2017, driven by the mining and oil sectors, which made it the fast-growing African economy, after Ethiopia. Ghana’s population is 29.6 million (as of 2018)
Ghana has a large output to Gold, according to WorldBank.
4) Moroccan Dirham (1 USD = 9.60 MAD)
Morroco is a flourishing economy, with its GDP pegged at $148.1 billion. 1 Moroccan Dirham equates to about N37.81 with most of its industries which includes
iv)construction, and textiles.
Aside from been ranked the 5th largest economy on the continent, Morocco is the third-largest producer of phosphorus in the world.
They are among the countries with the highest phosphate reserves in the world, after China and the United States of America.
5) Botswana Pula (1 USD = 11.10 Pula)
The Botswana Pula is the fifth-highest currency in Africa.
The standard of living in Botswana is as high as that of Mexico, making Botswana the least corrupt country in Africa.
Botswana possesses over 2 million people, but in spite of this small nation, it’s doing a lot to see its economy grow higher like that of the top countries in the continent.
6) Zambian Kwacha (1 USD = 13.06 ZMK)
Zambian kwacha Falls on the 6th spot of the most valuable currency in Africa.
Zambia is the largest producer of copper in Africa before its neighbors, the Democratic Republic of Congo.
Zambian’s, unlike other countries, make huge sales of copper, which is it’s a significant source of their export earnings.
In 2010, this country was among the fastest-growing economies in the world.
7) Eritrean Nakfa (1 USD = 15 SZL)
Eritrean is an island nation in Africa with a small population, which parted ways with Ethiopia.
In the last few months, Eritrean Nakfa was number 9 on the Highest currencies in Africa list
The stability of their money and income made Eritrean Nafka be at the 7th position on the most valuable currency in Africa.
8) South African Rand (1 USD = 15.28 SZL)
South African Rand still maintained its position as the number 8 highest currencies in Africa.
With an estimated population of 57,725,600 in 2018 and a $371.298 billion budget (2020), South Africa happens to be the only African member of the G-20 economic group.
South African’s economy is highly diversified.
It is comprising of mining (having the highest possession of gold in the world, which is 41% and 90% platinum), automobile assembly, textiles, agriculture, gold, metalworking, commercial ship repairs, fertilizer, and more.
9) Swazi Lilangeni (1 USD = 15.31 SZL)
In the previous months, Swazi Lilangeni was never among the most valuable currency in Africa.
Due to their fast-rising economy, Swazi Lilangeni finds its way to number 9, taking Eritrean Nakfa’s place.
Though the “Kingdom of Eswatini” as it was formally called, is one of the smallest countries in Africa, no doubt it is among the countries with the strongest currencies in the continent.
10) Egyptian Pounds (1 USD = 16.55 EGP)
Egypt is the third-most populated country in Africa after Ethiopia and Nigeria.
Egypt is also the most populated (with over 90 million people)country in the Arabian world, while Algeria is the largest Arab country with a total area of 919,595 square miles.
Egypt, as a nation, is well known for its civilization and home to the ancient pyramids and also its capital, which is Cairo is the second-largest city in Africa.
Egypt has been in the 10th position for the past few months, while Swazi Lilangeni was never among the Top 10 highest currency in Africa 2020 but made it this month which showing its economy is fast rising.
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