The United States dollar is the only currency valued for any kind of trade in the world. In Africa, there are some countries with a high exchange rate to the dollar or almost equivalent to it, things that determine the exchange rate are market forces, inflation, and the foreign exchange market.
The above mentioned are what determine the value of a particular currency, and the high exchange rate. In Africa, some currency is more valuable than other African currency.
Here are the top 10 Strongest currencies in Africa
1. TUNISIAN DINAR
Exchange rate: $1= 2.84 TND
The most valuable currency in Africa is the Tunisian Dinar, the dinar is worth 2.84 and a dollar as of today, Tunisian is an Arabic country in northern Africa. They have the highest currency, which can attract foreign investors to do business in the country.
They major in the export of agricultural produce, petroleum, and many more, these aid to the increase in the country’s GDP. Making them the highest in Africa, the country’s currency is not exchangeable to other currencies.
2. LIBYAN DINAR
Exchange rate: $1= 4.56 LYD
In Libya, they have the strongest currency in Africa, they major in the exportation of oil, there is the basic mean of growing the economy of the country, which her leader has greatly utilized.
Apart from crude oil, they have in quantity gold and silver deposited in the country, the country currency remains one of the stable currencies in Africa.
3. GHANAIAN CEDI
Exchange rate: $1= 6.10 GHC
Ghana has the largest Gross Domestic Product (GDP) in West Africa, making the Cedi one of the most valued currencies in Africa.
The Ghana cedis is valued among other west African currencies, more valuable than the Nigerian naira.
4. MOROCCAN DIRHAM
Exchange rate: $1= 9.08 MAD
In the Western Sahara region, the Moroccan dirham is the de facto currency. Its de-facto status makes it one of Africa’s most valuable currencies Its current exchange rate is $1 = 9.08MAD. Although the MAD is still unregulated, it is illegal to export it.
5. BOTSWANA PULA
Exchange rate: $1= 11.45 BWP
The Botswana currency is highly improved, the currency has value to dollar currency. Making the economy of the country better and easy for foreign exchange.
6. SEYCHELLOIS RUPEE
Exchange rate: $1= 13.99 SCR
Seychellois is an African country located around or near the Indian Ocean. Her import and export activities had improved the currency on high exchange demand. The SCR is another stable currency in Africa.
In terms of tourism, the country can boast of a good tourist center, which makes foreigners come in and exchange currencies. Likewise, foreign investment has contributed to the growth of the country.
7. SOUTH AFRICAN RAND
Exchange rate: $1= 15.04 ZAR
South Africa has remained the second largest and populated Africa country, the second giant of Africa. Leading by Nigeria, the economy of South Africa is more stable, there is more industry, more mining sectors, including tourist center, south Africa, is known as the largest African country with the largest tourist center.
Gold was its primary means of export to other developing countries, these were their basic means of economical development, before venturing to other means to support the country.
8. ERITREAN NAKFA
Exchange rate: $1= 15.00 ERN
This country specializes in farming, they farm in very large quantity, the farm produce is export to other countries of the world, due to the great quantity in food production, the economy of the country is more stable.
9. EGYPTIAN POUND
Exchange rate: $1 = 15.72 EGP
The Egyptian Pound is one of the oldest currencies in the world, and in Africa at large, this currency has been in existence for more than 200 years ago, Egypt is located in the northeast part of the continent, having a great population.
The economical sector is the largest in Africa, more so, they have very high DGP.
10. ZAMBIAN KWACHA
Exchange rate: $1= 16.88 SMW
Zambia is Africa’s largest copper producer, which is one of the reasons it has one of the strongest currencies on the continent. The country possesses abundant natural resources, and because copper is the most prevalent metal, copper mining is carried out on a massive scale. This provides Zambia with a significant rise in foreign currency earnings from the sale of metals to other countries.