A country's currency says a lot about its economy and people's standard of living. There is a huge misconception that the biggest and most popular nations often have the best currencies; this is wrong - especially when Africa is concerned.
To help you better understand the situation, we've compiled a list of the strongest currencies in Africa 2021. Each currency has been valued against the official US dollar exchange rate today at the time of writing.
Here are the countries with the most valuable currency in Africa 2021:
But in 1960, the country replaced the franc by the dinar shortened to DT. The monetary policy of the country where it is illegal to export or import dinars or convert them to other currencies has allowed the dinar to be among the highest in Africa.
2. Libyan Dinar (1 USD = 4.51 LD): The Libyan dinar was once the Africa's strongest currency for a very long time. It declined to the second position due to the Central bank of Libya plan to devalue the exchange rate across the country.
3. Ghanaian Cedi (1 USD = GH ₵ 5.86): For many years, Ghana's currency experienced a lot of volatility until the Bank of Ghana replaced the Cedi in 2007.
4. Moroccan Dirham (1 USD = 8.74 MAD): The Moroccan Dirham is the de facto medium of exchange in the Western Sahara region. Its state of affairs makes it one of the highest currencies in Africa. In the past, the exchange rate against the US dollar was around 1 MAD = 0.103182 USD.
5. Botswana Pula (1 USD = 10.83 BWP): Botswana Pula is valuable due to the country's strong economy and relatively stable democracy.
Additionally, it is an attractive currency as traders trade it on the Johannesburg Stock Exchange, which is Africa's largest stock exchange. Prior to 1976, the exchange rate and valuation of the Pula were on the same basis as the Rand.
6. Zambian Kwacha (1 USD = 22.62 ZMW): Zambian kwacha has attractive value as the country is the largest producer of copper in Africa. Copper is a commodity. This means that the currency can experience volatility depending on changes in commodity prices in the world copper market.
7. Seychellois rupee (1 USD = 14.37 SCR): The Seychellois rupee is legal tender for the Seychelles. It is one of the highest currencies on the continent due to the country's strict monetary policy.
8. South African Rand ($ 1 = 14.45 ZAR): For many years the price of gold determined the value of the ZAR as it was the country's main export. But developments around the world over the years have determined the Rand's price path. Although it is valuable and one of the few African currencies used in Kenya, the ZAR experiences some volatility as it is linked to the rest of the world.
9. Eritrean Nakfa (1 USD = 15.00 NRN): The Eritrean Nakfa is legal tender for Eritrea. It has enjoyed stability over the years as the country's government does not float the currency. Instead, he prefers the stability of having a fixed exchange rate.
10. Egyptian pound (1 USD = 15.68 EGP): The Egyptian pound has gained in value over the years due to its unofficial use in Sudan and the Gaza Strip. In addition, EGP gained in value after the government cut interest rates to attract domestic and foreign investment.
Note: The conversion rates highlighted in this article are from July 2021.
Do you have any currency you think should be part of the list or not to be part? Leave a reply
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