The value of a country’s currency has, for the longest time, been used to estimate and gauge the value, growth and development of its economy. With that said, countries all over the world always strive to ensure that the value of its currency does not deteriorate over time. Below is a list of top 10 countries with the strongest currencies in Africa:
Libya’s currency is known as the Libyan Dinar. It has, for the longest time, been leading among the strongest currencies in Africa. This is mostly contributed by the fact that the country is a major exporter of oil.
Also, a limited number of dollars can be sold to its citizens at any point in time, keeping its currency above the waters. The ratio of the Libyan Dinar to the United States Dollar is 1.41.
Its currency since the 1960s has been the Tunisian Dinar. It is illegal to import, export or convert the Tunisian Dinar to other currencies. Its ratio to the USD is 2.87.
The Ghanaian currency is known as the Ghanaian Cedi. It came into existence in 2007. The ratio of the Ghanaian Cedi to the USD is 5.49.
The Moroccan currency is known as the Moroccan Dirham. It is the de- facto medium of exchange in the West Sahara region. The ratio of the Moroccan Dirham to the USD is 9.89.
The currency used in Botswana is known as the Botswana Pula. Botswana has a very strong economy. The ratio of the Botswana Pula to the USD is 10.9.
The Zambian currency is known as the Zambian Kwacha. Its strong currency is greatly contributed by the fact that it is the largest producer of copper in Africa. The ratio of the Zambian Kwacha to the USD is 13.14.
The Seychellois currency is known as the Seychellois Rupee. The country has a very stern monetary policy. The ratio of the Seychellois Rupee to the USD is 13.64.
8. South Africa
The currency used in South Africa is the South African Rand. Its ratio to the USD is 14.87.
The currency used in Eritrea is known as the Eritrean Nakfa. The Eritrean government does not float the currency. The ratio of the Eritrean Nakfato to the USD is 1.5.
The Egyptian currency is known as the Egyptian pound. Its ratio to the USD is 16.3.