Many people think African currencies are all weak when compared to those from the West or Asia , but that is false. There are many strong African currencies that can outperform or that are more valuable and higher than those from Asia, and can as well go a long way to compete with those from West .
There’s this belief that all the great countries’ currencies have high value , but that is also false. The most valuable currency in the world is Kuwait Pound . Kuwait is a tiny country in Middle East with less than 5 million people, but despite how small it’s, its currency is still the best . China’s Yuan is weak like those of the third world countries’ currencies , the same with Nigeria’s Naira .
Here are the list of the most valuable currencies in Africa.
1. Libyan Dinar
Libya is a North African country . The country has been engulfed by crisis since the death of Mumar Gaddafi in 2011,but despite this, its currency still retains the number one spot. Libyan Dinar(LYD) is always on the top because of the strict monetary policy practised by the Central Bank Of Libya .Libya’s central bank only sells a limited number of dollars to its citizens. 1 USD =1.43 LYD.
2. Tunisian Dinar
Tunisia was once a French colony and so ,used Franc as its currency till 1960 when it got independence from France . It changed to Dinar the same year.
The type of economic policy practised by the country helps in strengthening its currency.
In Tunisia, it’s unlawful or illegal to import or export Dinar or convert it to another currency. This particular policy has helped in placing the currency above others.
1 USD =2.87 DT.
Ghana is the first Sub-Saharan African country to make the list. Ghana’s Cedi for years was volatile till when the central Bank Of Ghana replaced it in 2007. Ghana’s economy has been stable for a decade now because of its developmental programmes and its high per capita which is the largest in West Africa .All these combined have made Cedi stable and high.
Ghanaian Cedi (1 USD = GHC5.49)
Moroccan Dirham is also used in Western Sahara. 1 USD = MAD 9.89
Botswana is one of the most stable country in Africa and so its currency. Pula is traded on Johannesburg Stock Exchange ,the largest stock exchange in Africa.These things help Pula to remain stable. 1USD = P10.90
6. Zambian Kwacha
Kwacha is always valuable because of the presence of copper in Zambia. Zambia is the highest producer of the mineral resources in the world; Kwacha remains stable so far the prices of copper is high .
You may wonder why this Island country uses the Indian currency’s name ,Rupee. Here is why: half of the population of the country are children of Indian migrants .The island was empty when found by the Portuguese sailors.The blacks and Indians in the island are all migrants. 1USD= SR 13.64.
8. South African Rand .
Gold was used to determine the value of Rand for years because it was the only South African main export then.The country’s economy has developed and its currency can be determined through another means now . 1USD=SR 14.87
9 Eritrean Nakfa
Don’t be surprised to see this isolated country’s currency here.Central Bank Of Eritrea doesn’t float the currency and this makes the currency all time stable and high.
10 . Egyptian Pound
Egyptian pound is always high and stable because of its unofficial use in Sudan and Gaza strip.
1USD = E£16.30