Have you ever wondered about the country with the highest currency in Africa? The exchange rate is what determines the strength of a country’s currency.
I will spotlight the top ten countries with Africa’s highest currency and exchange rates in this article.
Which is the Highest Currency in Africa?
The top ten countries with the highest currency in Africa in 2022 are as follows:
1. Tunisian Dinar ( The highest Currency in Africa)
The Tunisian Dinar is a currency that is used in Tunisia. TND is the currency code for the dinar, and its current exchange rate is $1, worth 2.88.
Their constant business transactions with the Europeans influenced their economic stability, which is related to the fact that another country backed it.
Due to the country’s efficient import and export regulations, the Tunisian Dinar is a strong African currency.
A sound fiscal and monetary policy does not influence the people while the country’s economy suffers.
The currency’s ISO code is “TND,” and 1 TND equals 0.36 USD or $1 = 2.88 TND as of January 2022.
2. Libyan Dinar
The Libyan currency is the second-highest as of the day this article was written. ” LYD” is the Currency Code of Libyan currency with an amazing exchange rate of $1equals $4.58 “LYD.”
3. Ghanaian Cedi
The third highest African currency in our list is the Ghanaian Cedi, Coded as GHC, and an exchange rate of $1 = 6.16 Ghanaian Cedi.
The Cedi is a powerful currency in Sub-Saharan Africa. It serves as the official money of Ghana and Togo’s Northern areas.
The Cedi is a tied currency to the US dollar, making it one of Africa’s most powerful currencies; 1 GHC = 0.16 USD or 1$ = 6.16 GHC.
Ghana has the biggest GDP in West Africa, thereby cementing the Cedi’s position as one of the world’s most-valued currencies
4. Moroccan Dirham
The Moroccan Dirham is the 4th highest African currency with a current exchange rate of $1 Equals DH 8.99.
Morocco benefits from its proximity to Europe when it comes to doing business with the European Union. Its currency is among the highest on our list, reflecting this progress.
4. Botswana Pula
Botswana Pula is the 5th highest African currency with an exchange rate of $1 = 11.32P.
Botswana is a Southern African country with a robust economy and stable democracy. Since Botswana’s independence from Britain more than 45 years ago, the Pula has remained with the country.
6. Seychellois Rupee (SCR)
The Seychellois Rupee is the 6th highest African currency. The currency is coded with SCR and has an exchange rate of SRe 12.92 = $1
The country’s rigorous monetary policy is the key reason for the currency’s strength. The country is a popular tourist location, which generates a large amount of foreign exchange, another reason for the currency’s strength.
7. Rand (South African currency)
$1 Equals R 15.27 at the time of writing.
According to the World Bank, South Africa’s economy is one of the most powerful in Africa, with a GNP of $351.4 billion. Mining, tourism, and financial services are just a few of the businesses that support the economy
8. Eritrean Nakfa (ERN)
$1 Equals Nfk 15.00 at the current exchange rate
Eritrea is a country in the Horn of Africa with the Nakfa as its official currency, one of Africa’s most important currencies.
The key reason for Eritrea’s high currency value is that the country’s exchange rate is set. This makes it one of Africa’s most valuable currencies.
Eritrea is an agricultural country with plenty of fertile areas to grow various crops.
As a result, Eritrea’s currency has one of the highest exchange rates in Africa, owing to the constant high demand for food, which has caused the country’s economy to grow rapidly.
9. Egyptian Pound (EGP)
The Egyptian Pound has a current exchange rate of $1 = E£ 15.71 (or. 15.71).
Egypt’s national currency is the Egyptian Pound, which has been used for more than 200 years.
10. Zambian Kwacha (ZMW)
Ranking number 10 is the Zambian kwacha, with the current exchange rate is $1 = 17.20 ZK.
Zambia is Africa’s largest producer of copper, which is one of the reasons it has one of the strongest currencies in Africa.
The country has abundant natural resources, and because copper is the most common metal, copper mining is done on a massive scale.
This increases Zambia’s ability to earn foreign currency by selling metals to other countries.
Conclusion
In conclusion, this article has highlighted the most valuable currencies in Africa.
I hope reading this essay has improved your knowledge and understanding of currencies.
The strength of a currency is assessed by comparing it to the dollar, as shown in the article. The exchange rate is the most important aspect in determining the strength of a currency.