Ever wondered which African country has the highest currency in Africa? I will tell you in this article where we will list some of the highest currencies in Africa. The African continent is home to 54 countries with various currencies.
We shall be comparing these countries’ currencies with the US dollar because it is the strongest currency in the world.
Let us start our countdown of Countries with the highest currency in Africa.
Which country has the highest currency in Africa?
The following are the top 10 Highest currencies in Africa:
1. Tunisian Dinar
- Currency Name: Dinar
- Code: TND
- Current Exchange Rate: $1 = 3.09 د.ت
Tunisia has the highest currency in Africa with the Dinars. This country is also an Arabic country located in Northern Africa, and it is home to one of the unique currencies that attract foreign investors to the business.
The Tunisian Dinar is pegged to the Euro as it uses this currency and Algeria’s Dinar to form a common currency. This reason is its stability as it has strong support from other countries.
The Tunisian Dinar is also a strong African currency because the country has efficient import and export policies. When the country’s economy is broken, its people are unaffected by a sound fiscal and monetary policy.
The currency has an ISO code “TND,” and 1 TND = 0.32 USD, which translates to 1$ = 3.09 TND as of July 2023.
2. Libyan Dinar
- Currency Name: Dinar
- Code: LYD
- Current Exchange Rate: $1 = 4.78 ل.د
The Libyan Dinar is number two on our list of the highest currency in Africa. The National Bank of Libya issues this currency, and it has an ISO code, “LYD.” It is number one on our list because 1 LYD = 0.21 USD translate to 1$ = 4.78 LYD.
For a long time, the Libyan Dinar has been the strongest currency in Africa because of the strict monetary policy set out by Libya’s central bank. Libya is also rich in resources like oil, gold, and silver.
Libya is also among those African countries whose economies heavily depend on oil export, making LYD valuable. It has to be exchanged for USD or other foreign currencies for its living exporters. It makes LYD one of the strongest currencies in Africa currently.
Libyan Dinar has always been a stable currency, even when political unrest swept Libya because of internal problems in 2011. The Libyan Dinar is still one of the most valued African currencies.
3. Ghanaian Cedi
- Currency Name: Cedi
- Code: GHC
- Current Exchange Rate: $1 = GH₵ 9.80
In 2007 the Central Bank of Ghana replaced the Cedi, which has been growing in strength and value. Even though Ghana is one of those countries affected by the foreign exchange crisis in 2008, along with Tunisia, Morocco, and South Africa, its currency was not hit as hard as the others.
The Cedi is the strongest Currency in Sub-Saharan Africa, an official currency for both the Republic of Ghana and the Northern region of Togo.
The Cedi has a peg with the US dollar, which makes it one of the strongest currencies in Africa; 1 GHC = 0.10 USD, which translates to 1$ = 9.80 GHC
Ghana has the largest Gross Domestic Product (GDP) in West Africa, which has helped strengthen the value of its currency, the Cedi, making it one of the highest in Africa.
4. Moroccan Dirham
- Currency Name: Dirham
- Code: MAD
- Current Exchange Rate: $1 = DH 9.72
The Moroccan Dirham has a rich history as an African currency that has been in use for over a century. It serves as the official currency of Morocco and neighbouring countries in the Western Sahara region.
Morocco’s proximity to Europe provides it with a strategic advantage for conducting business with the European Union. The nation boasts one of the most rapidly expanding economies in Africa, a fact that is evident in its currency’s high placement on our rankings of the highest currencies in Africa in 2023.
5. Botswana Pula
- Currency Name: Pula
- Code: BWP
- Current Exchange Rate: $1 = 13.46P
On our list of the highest-valued currencies in Africa, the Pula ranks at number 5. It’s worth noting that the currency of Botswana is tied to the South African Rand.
Botswana, situated in Southern Africa, boasts of a robust economy and a stable democracy. The country has been using the Pula currency for more than 45 years since gaining independence from Britain.
6. Seychellois Rupee
- Currency Name: Seychellois Rupee
- Code: SCR
- Current Exchange Rate: $1 = SRe 13.12
Seychelles is an Indian Ocean country with one of the highest currencies in Africa in terms of value, the Seychellois Rupee.
The currency is mainly strong because of the country’s strict monetary policy. The country is also an excellent destination for tourists, which gives it a lot of foreign exchange, which is another reason the currency is one of the strongest.
The country primarily imports and exports goods, and thus, its economy is mainly driven by the import-export sector, making it a stable currency in Africa.
7. South African Rand
- Currency Name: Rand
- Code: ZAR
- Current Exchange Rate: $1 = R 19.07
Currently, the Rand is one of the strongest currencies in Africa, and this is due to recent economic growth. South Africa’s GDP can support this is growing at a rate of 4.6% annually.
South Africa has one of the strongest economies, with its Gross Domestic Product being $351.4 billion, as ranked by the World Bank. The economy depends on several sectors, such as mining, tourism, and financial services.
Several countries in the South have pegged their currency to the Rand, like Namibia, Lesotho, Botswana, and Malawi.
8. Eritrean Nakfa
- Currency Name: Nakfa
- Code: ERN
- Current Exchange Rate: $1 = Nfk 15.00
Located in the horn of Africa, Eritrea boasts one of the most significant currencies on the continent – the Nakfa, which serves as its official currency.
The primary determinant of Eritrea’s currency value is the fixed exchange rate of the country, making it one of the most valuable currencies in Africa.
Eritrea is an agricultural country with many fertile lands for growing agricultural products. It has made Eritrea have one of the highest currency values in Africa as the demand for food is always high, subsequently making its economy grow quickly.
9. Egyptian Pound
- Currency Name: Egyptian Pound
- Code: EGP
- Current Exchange Rate: $1 = E£ 30.66 or ج.م 30.66.
Egypt’s official currency is the Egyptian Pound, which has been used in the country for almost two centuries.
Egypt is a populous country located in Africa, located, Northeast Africa. Cairo, the biggest African city, makes up 2/3rds of the country’s population and GDP.
Egypt has one of the oldest economies globally, and the banking sector in Egypt is one of the largest banks in Africa.
10. Zambian Kwacha
- Currency Name: Kwacha
- Code: ZMW
- Current Exchange Rate: $1 = ZK 17.84
Zambia is located in Southern Africa, and the Kwacha is its official currency. The Kwacha has been with Zambia for more than 54 years since gaining independence from Great Britain and replacing the Zambian Pound.
One of the reasons it is one of the strongest currencies in Africa is that Zambia is the largest copper producer in Africa. The country has rich mineral resources, and with Copper being the most dominant metal, mining of Copper is done on a large scale. This gives Zambia a considerable boost in foreign currency from selling the metals to other countries.
We had only listed the top 10 strongest currencies in Africa but decided to add all the African currencies below.
Strongest Currencies in Africa Overview
Here is a table with all the African currencies, from the strongest to the weakest:
|Currency||ISO Code||Country||USD Rate|
|South African Rand||ZAR||South Africa||19.07|
|Sao Tome and Principe Dobra||STN||Sao Tome and Principe||22.82|
|Cape Verdean Escudo||CVE||Cabo Verde||100.45|
|South Sudanese Pound||SSP||South Sudan||130.26|
|West African CFA Franc||XOF||Benin||597.55|
|West African CFA Franc||XOF||Burkina Faso||597.55|
|Central African CFA Franc||XAF||Cameroon||597.55|
|Central African CFA Franc||XAF||The central African Republic||597.55|
|Central African CFA Franc||XAF||Chad||597.55|
|Central African CFA Franc||XAF||Republic of the Congo||597.55|
|West African CFA Franc||XOF||Cote d’Ivoire||597.55|
|Central African CFA Franc||XAF||Equatorial Guinea||597.55|
|Central African CFA Franc||XAF||Gabon||597.55|
|West African CFA Franc||XOF||Guinea-Bissau||597.55|
|West African CFA Franc||XOF||Mali||597.55|
|West African CFA Franc||XOF||Niger||597.55|
|West African CFA Franc||XOF||Senegal||597.55|
|West African CFA Franc||XOF||Togo||597.55|
|Congolese Franc||CDF||The Democratic Republic of the Congo||2432.00|
|Sierra Leonean Leone||SLL||Sierra Leone||19750.00|
Obtained August 2022
As you can see from the table above, there is no top 100 highest currency in Africa 2023. You can see which country has the highest currency.
I will update the country’s list with the highest currency with new data since the exchange rate changes frequently.
Highest Currency in Africa Conclusion
In summary, This article has listed the highest currencies from around Africa. Reading this article will help you know and understand currencies better.
The article shows us the strength of a currency, which is determined by exchanging it against the dollar. The exchange rate is the main factor that determines a currency’s strength.
Commenting on our social networks about what you have gained from this article would be good. It would also be great to share this with your friends on your social circles online if you enjoyed this article.