List Of Highest Currencies In Africa 2022
Some countries in Africa are known to have currencies even stronger than most European countries.
The US Dollar is the strongest and most dominant currency in the world.
Hereby, we’re going to illustrate a list of highest currencies In Africa 2022.
Countries with the highest currencies in Africa have managed to grow and stabilize their economy. A country’s currency can be affected by factors like inflation, foreign exchange market, and the country’s market fits.
Tunisia’s currency is known to be Africa’s strongest currency when compared to the US dollar. Today, we’ll list the strongest currencies in Africa and their USD exchange rates.
Which is the strongest currency in Africa?
The strongest and most powerful currency in the continent is the Tunisian Dinar (DT), whereby 1 US Dollar is equal to DT 2.87. During our research and analysis, we realized that 4 countries from North Africa made the top four list, while 3 South African countries made the top ten list as well.
Eswatini (Previous Swaziland) also appeared in the list of highest currencies in Africa 2022. Eswatini is surrounded by two economically stable countries i.e. Zambia and South Africa which have highly influenced the rise and stabilization of the nation’s economy. In Eastern Africa, Eritrea tops the rankings being the country with the strongest currency in the region.
Top 10 Strongest Currencies in Africa
|Currency||USD Exchange Rate|
|Tunisian Dinar||1 USD= DT 2.87|
|Libyan Dinar||1 USD= LYD 4.61|
|Ghanaian Cedi||1 USD= GH₵ 5.51|
|Moroccan Dirham||1 USD= MAD 9.89|
|Botswana Pula||1 USD= Pula 10.90|
|Zambian Kwacha||1 USD= ZMK 13.10|
|Seychellois Rupee||1 USD= SR 13.64|
|South African Rand||1 USD= R 14.89|
|Swazi Lilangeni||1 USD=14.90 SZL|
|Eritrean Nakfa||1 USD= Nfk 15.00|
|Egyptian Pound||1 USD=E£ 16.30|
1. Tunisian Dinar (TND)
- Currency: Dinar
- Code: TND
- Exchange Rate: 1$= 2.88 TND, 1TND= 0.36$
Tunisia has the strongest currency in not only in North Africa but also the whole continent. The stability of the Tunisian Dinar has highly influenced the country’s economy thus attracting investors from across the world who are interested in business.
The TND is exclusively tied to the Euro since it uses the Euro along the Algerian Dinar creating an accepted currency. This is the key reason why this currency has rapidly stabilized and gained support from foreign countries. Another factor is the country’s efficient export and import policies.
2. Libyan Dinar (LYD)
- Currency: Dinar
- Code: LYD
- Exchange Rate: 1$= 4.58 LYD, 1 LYD= $0.22
Libya is toplist in our List Of Highest Currencies In Africa 2022 and comes second after the Tunisian Dinar. The ISO code for this currency issued by the National bank of Libya is ‘LYD’. Basically, the backbone holding Libya’s currency upright is the country’s uptight monetary policy.
The Libyan Dinar has been stabilized by its abundance in resources such as oil, silver and gold. The oil production has however played a very key role in keeping the currency at the top since many country’s economies depend on Libya’s oil exports. The LYD is exchanged with other currencies during exports thus adding value to the currency. The Libyan Dinar has managed to stay strong and dominant regardless of the internal political crisis they faced in 2011.
3. Ghanaian Cedi (GH₵)
- Currency: Cedi
- Code: GH₵
- Exchange Rate: 1$= GH₵ 6.16, 1 GH₵= $0.16
The Ghanaian Cedi is the is the official currency used in the Republic of Ghana as well as the Northern Region, Togo. The Ghanaian Central bank launched the Cedi back in 2007 and it has proven to grow rapidly since then. Regardless of the foreign exchange catastrophe experienced by Ghana in 2008, the Cedi managed to survive and kept growing.
The Cedi is the highest currency in the Sub-Saharan Africa and it’s used in both Ghana and Northern region (in Togo). The Cedi is pegged with the US Dollar and this makes a very strong currency in Africa.
4. Moroccan Dirham (DH)
- Currency: Dirham
- Code: MAD
- Exchange Rate: 1$= DH 8.99,
The Moroccan Dirham is one of the most ancient African currencies since it’s been around for more than a Century now. The currency is not only used in Morocco but also in the neighboring countries in Western Sahara.
The country is favored by its geographical location since it’s close to Europe thus having the convenience to do business and trade with the European Union. The Moroccan Dirham has sky-rocketed in value in the past years which is a good sign from their economy. This currency is growing steadily and it has managed to keep its rank at the top.
5. Botswana Pula (P)
- Currency: pula
- Code: BWP
- Exchange Rate: 1$= 11.32P
As a result of being conscripted to the South African Rand, the currency has been considered one of the strongest currencies in Africa. The country is located in the South African region and it’s well known for its stable democracy and steady economy. The Botswana Pula has been around for 45+ years since independence was achieved from their British Colony.
6. Seychellois Rupee (SRe)
- Currency: Seychellois Rupee
- Code: SCR
- Exchange Rate: 1$= SRe 12.92
Seychelles is located in the Indian ocean region and its currency is considered one of the strongest in Africa in terms of value. The Seychellois Rupee has managed to stay stable due to the strict monetary administration in the country.
The Country is popular foe its tourism sector which attracts tourists into the country thus enhancing foreign exchange. Moreover, the country’s economy is doing exceptionally well due to the primary export and import of goods.
7. South African Rand (R)
- Currency: Rand
- Code: ZAR
- Exchange Rate: 1$= R 15.27
Recently, South Africa has recorded a very steady economic growth with a rising GDP rate of 4.6% year-to-year. This has made the South African Rand one of the highest valued African currencies.
Being a country with one of the most stable economies is Africa, South Africa has a GDP of $351.4 Billion. South Africa’s economy is kept running by the mining sector, financial services, and tourism. Many currencies in the southern region are pegged to the Rand due to its level of stability. These countries include, Botswana, Malawi, Namibia and Lesotho.
8. Eritrean Nakfa
- Currency: Nakfa
- Code: ERN
- Exchange Rate: 1$= Nfk 15.00
Eritrea is located across the horn of Africa and its currency is the Eritrean Nakfa. The Nakfa is amongst the strongest currencies in the continent due to Eritrea’s fixed Exchange Rates.
Eritrea has fertile soils favorable for growing agricultural products at large scale. Therefore, the country experiences a high demand for the local agricultural products thus enhancing exports and imports which boost the country’s economy.
This is a full list of the highest currencies in Africa 2022 when compared to the US Dollar. These African currencies are well known for their stability and dominance above other currencies in the continent thus ranking the top and strongest ones.
List of highest currencies in Africa 2022- FAQs
The strongest and most powerful currency currently in the continent is the Tunisian Dinar (DT), whereby 1 US Dollar is equal to DT 2.87. During our research and analysis, we realized that 4 countries from North Africa made the top four list, while 3 South African countries made the top ten list as well.
Led by the Tunisian Dinar and the Libyan Dinar, below is a list of 5 of the strongest African currencies. These currencies are even stronger than most European countries’ currencies:
1. Tunisian Dinar
2. Libyan Dinar
3. Ghanian Cedi
4. Moroccan Dirham
5. Botswana Pula
Sierra Leone has the weakest currency in the whole African content. The country is also ranked second in the list of the most underdeveloped African nation. The Iranian Rial is rated the Weakest currency in the world.
Kuwait has the strongest currency in the world against the US Dollar. This country is located between two countries i.e. Saudi Arabia and Iraq, on the Persian Gulf’s tip. The Kuwaiti Dinar has stayed at the top rank due to the country’s heavy oil exports to the globa market.