Top 10 Most Valuable Currencies In Africa – Updated List
Currency value is determined by a vast number of factors, from inflation to market forces, demand and supply, to foreign exchange. Those factors altogether, determine the value of a currency. This post takes a look at the top ten most valuable currencies in Africa with respect to their exchange rate with the US Dollar.
10. Egyptian Pound (1 USD = 15.67 EGP)
The Egyptian Pound has been gaining value over the years because of its unofficial use in Sudan and the Gaza Strip. Also, the EGP has gained in value after the government reduced interest rates to attract domestic and foreign investments. Like other African currency symbols, the Egyptian pound has several, including E£ and LE. (1 USD = E£ 15.67)
9. Eritrean Nakfa (1 USD = 15.0 ERN)
Eritrea is a remote island nation in the horn of Africa; that separated from Ethiopia but still shares the same currency with Ethiopia. Despite its small land area and population, it manages to keep a stable currency. The Eritrean Nakfa stands at 15.0 ERN to 1 USD.
8. Namibian Dollar (1 USD = 14.67 NAD)
The Namibian Dollar, which is the currency of Namibia since 1993 stands 9th in this ranking. It is normally abbreviated with the dollar sign i.e N$. It stands at N$14.67 against 1 USD. Namibia has been able to keep the Namibian Dollar stable, although, the country still spends the South African Rand.
7. Swazi Lilangeni (1 USD = 14.73 SZL)
The Lilangeni is the currency of Eswatini also known as Swaziland, a landlocked country in southern Africa, sharing borders with Mozambique and South Africa. Swazi Lilangeni manages to stand at 14.73 to 1 US Dollar. Swaziland also accepts South African Rand as a currency form alongside Swazi Lilangeni.
6. South African Rand. (1 USD = 14.67 ZAR)
South African Rand is used in South Africa, apparently the most developed democratic state in Africa. South Africa also has the second largest economy in Africa, right after Nigeria. It has a very healthy and competitive economy, mines gold and platinum. South Africa also produces textiles, assembly automobiles and have a vibrant Agricultural sector. The South African Rand is 14.67 to 1 US Dollar. It ranks 7th in Africa. The South African Rand is accepted in some other African countries, as well.
5. Botswana Pula (1 USD = 10.84 BWP)
Pula is the official currency of Botswana, also a landlocked country in southern Africa, which is home to much of the Kalahari desert. Botswana holds the record for one the world’s longest economic boom streak. The economy of Botswana is vibrant and growing. It depends on copper, diamond, textile, and agriculture. Botswanan Pula is 10.84 to 1 US Dollar.
4. Moroccan Dirham (1 USD = 8.8 MAD)
The Moroccan Dirham is the official currency of Morocco, a northern Africa state. It has coasts on the Mediterranean Sea and the Atlantic ocean. Morocco has a good economy and it’s the 5th in Africa by GDP. Morocco focuses on mining, construction & manufacturing, tourism, telecoms and textiles. Moroccan Dirham is 8.8 to 1 US Dollar.
3. Ghana Cedis (1 USD = 5.76 GHC)
The Ghanaian Cedis is the official currency unit of Ghana, a western Africa state. Ghana has a well diversified economy and rich resource base. It bases on manufacturing & exportation of digital technology tools, automotive and ship construction, exportation of industrial minerals and hydrocarbon. Its economy rose to prominence during the cocoa and gold boom era. Ghana Cedis exchanges with The US Dollar at 5.76 to 1.
2. Libyan Dinar (1 USD = 4.45 LYD)
The Libyan Dinar is the currency unit of Libya and it is the second most valuable currency in Africa. Libya, a northern Africa depends majorly on revenues from the petroleum sector, which accounts for over 95% of export earnings and 60% of GDP. These revenues coupled with the population has given Libya one of the highest nominal pet capital GDP in Africa. The Libyan economy is not bad, standard of living is normal, apparently. The Libyan stands at 4.45 to 1 US Dollar.
1. Tunisian Dinar (1 USD = 2.69 TND)
Tunisian Dinar is the official currency unit of Tunisia, a northern Africa state. It has the most valuable currency in Africa. Its economy focuses on oil, phosphate, car parts manufacturing, tourism, agro-food products. The average living standard is said to be good and the minimum wage is high. The economy is stable and thriving and to add, it has a low unemployment rate. The Tunisian Dinar goes at 2.69 for 1 US Dollar.