Have you ever wondered which country has the highest currency in Africa? The exchange rate is what determines the strength of a country’s currency.
In this article, I will highlight the top ten countries with the highest currency in Africa and their exchange rate.
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 was worth 2.88.
Due to their constant business transactions with the Europeans, it influenced their economic stability, which is related to the fact that it is backed by another country
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 currency 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 Ghanaian Cedi, Coded as GHC and an exchange rate of $1 = 6.16 Ghanaian Cedi
The Cedi is the most powerful currency in Sub-Saharan Africa, and it serves as the official money of both Ghana and Togo’s Northern area.
The Cedi is a tied currency to the US dollar, making it one of Africa’s most powerful currencies; 1 GHC = 0.16 USD or 1$ = 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
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. The fact that its currency is among the highest on our list reflects this progress.
5. Botswana Pula
Botswana Pula is the 5th highest African currency with an exchange rate of $1 = 11.32P.
Botswana is a country in Southern Africa 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)
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 also a popular tourist destination, which generates a large amount of foreign exchange, which is 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 has one of the most powerful economies 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, which is 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 a variety of crops.
As a result of this, 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)
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 in use for more than 200 years.
10. Zambian Kwacha (ZMW)
Ranking number 10 is Zambian kwacha with the current exchange rate is $1 = 17.20 ZK.
Zambia is Africa’s largest copper producer, which is one of the reasons it is 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 increases Zambia’s ability to earn foreign currency by selling metals to other countries.
In conclusion, this article has highlighted the most valuable currencies in Africa. I hope that 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.