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Check Out The 8 Strongest Currencies In Africa

Posted by Samuel on Fri 25th Aug, 2023 - tori.ng

In the continent of Africa, there are 54 countries and despite the challenges facing most governments in the continent, some countries have maintained a resilient and stable currency.

 

The robustness and strength of a currency is primarily attributed to factors such as the nation's stable economy, minimal inflation, and low interest rates.

In the continent of Africa, there are 54 countries and despite the challenges facing most governments in the continent, some countries have maintained a resilient and stable currency. 

The highest currency in Africa in 2023 is the Tunisian Dinar but the North African country is not the only one that has a strong currency; below are a list of strong African currencies in 2023 and in no particular order. 

1. Tunisian Dinar (TND)

Tunisia’s TND was introduced in 1960 which replaced the Franc. The TND is strong because of the country’s political stability and diverse economy which has made it Africa’s most valuable currency.

1 pound equals 3.89 TND , 1 USD equals 3.08 Tunisian Dinar and 1 Naira equals 0.0041 

2. Libyan Dinar (LYD)

The official currency for Libya is the Libyan Dinar. Introduced in 1971 to replace the Libyan Pound used from 1951 to 1971, the Libyan Dinar has become one of Africa’s strong currencies.

1 pound equals 6.10 LYD , 1 USD equals 4.82 Libyan Dinar and 1 Naira equals 0.0064

3. Moroccan Dirham (MAD) 

The Moroccan Dirham is one of the continent’s most stable currencies. The notes are available in denominations of 20, 50, 100, and 200, and the Bank al-Maghrib issues them. The Dirham comprises 100 santims and is available in nine coins and four banknote denominations.

1 pound equals 12.62 MAD , 1 USD equals 9.98 Moroccan Dirham and 1 Naira equals 0.013

4. Ghanaian Cedi (GHS)

The cedi is the Republic of Ghana’s fourth historical and only current legal tender. The Ghanaian cedi replaced the Ghanaian Pound in 1965 and the current currency was reintroduced in 2007 after it was devalued three times due to economic difficulties.

1 pound equals 14.35 GHS , 1 USD equals 11.35 Ghanaian Cedi and 1 Naira equals 0.015

5. Botswanan Pula (BWP)

The currency of Botswana is called the Pula which was gotten from the Tswana word meaning rain – which is also the country’s national motto. It was inntroduced in August 1976, replacing the rand.

1 pound equals 17.01 BWP , 1 USD equals 13.46 Botswanan Pula and 1 Naira equals 0.018

6. Seychelles’ Rupee (SCR)

The Seychelles Rupee is the official legal tender in Seychells and another strong and valuable currency in Africa. 1 pound equals 16.72 SCR , 1 USD equals 13.23 Seychellois Rupee and 1 Naira equals 0.017

7. Namibian Dollar (NAD)

The Namibian dollar has been the official currency of Namibia since 1993 when it was replaced by the South African Rand but the rand can still be used or exchanged in Namibia as it is still considered a legal tender in the country.

1 pound equals 23.57 NAD , 1 USD equals 18.65 Namibian Dollar and 1 Naira equals 0.024

8. South African Rand (ZAR)

In March 2023, the South African Rand ranks tenth in the continent with an exchange rate of 18.75 ZAR versus the US dollar. The rand was introduced in 1961, three months before South Africa became a republic. It is also legal tender in the Common Monetary Area (Eswatini, Lesotho, and Namibia).

1 pound equals 23.68 ZAR , 1 USD equals 18.75 South African Rand and 1 Naira equals 0.025

It is important to note that the strength of a currency can fluctuate over time. The currencies listed above may be stronger or weaker in the future depending on the economic and political conditions in these countries.

***

Source: The Nation



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