A country’s currency says a lot about its economy and living conditions of the people. There is a huge assumption that the biggest and most famous nations always have the best currencies; this is false – particularly where Africa is concerned.
What are your impressions of today’s big countries as regards their African currency? Many countries are believed to have the most expensive currencies on the Africa continent, including South Africa and Nigeria.
Yet it doesn’t necessarily. Many others, particularly from countries you ‘d least anticipate, possess more valuable currencies. The Rand of South Africa was ranked 8th, while the Nigerian Naira did not get to the 8th position.
Many analysts have argued that America, Europe and Asia are the primary cause of African economies and currencies’ reliance on it. We propose that African countries become very autonomous and follow the pan-African hero Kwame Nkrumah’s one currency plan.
We have assembled a list of the strongest currencies in Africa 2020 in order to provide you with a deeper understanding of the situation. At the time this article was written every currency was measured against the official dollar exchange rate.
It is good that other names in the list would surprise you, because many people do not expect stronger currencies than the bigger and more common nations.
These are the countries in Africa with the most valuable currency:
1. Libyan Dinar (1 USD = LD 1.41): Libyan Dinar has long been Africa ‘s strongest currency. The CBL has a network in Libya, which only gives its people a small sum of dollars.
Yet the relentless conflict and aggression that has enshrouded the world following the assassination of Mummar Gadaffi, the country’s long-term dictator, has significantly influenced the economy.
2. The Dinar of Tunisia (1 US$ = DT 2.87): The French territory of Tunisia had adopted the French franc for many years as its currency.
In 1960, however, the nation substituted the franc with the DT-short dinar. The monetary policy of the region, where dinars or other currencies are illegal to export or import, has allowed dinar to be one of Africa’s largest.
3. Ghanaian Cedi: for many years, Ghana ‘s currency has been very unpredictable before the Bank of Ghana substituted it in 2007.
Currently, investment and work creation initiatives of the Government have made the currency in Africa stay high.
In comparison, the GDP per capita, presently highest in West Africa, is more important as the Cedi.
4. The Moroccan Dirham is the de facto means of trade in Western Sahara. Moroccan Dirham (1 USD = Crazy 9.89) Moroccan Dirham.
This is de facto one of Africa’s top currencies. Throughout previous years, the currency exchange ratio was about 1 MAD = 0.103182 USD relative to the US dollar.
5. Botswana Pula (1 US Dollar = 10.90 P): Because of the robust infrastructure and the fairly prosperous government of the regime, Botswana Pula is important.
This is also an enticing asset, as traders exchange it on the Bourses of Johannesburg, Africa’s largest bond market. The exchange rate and valuation of Pula were the same as the Rand until 1976.
6. Zambian Kwacha (1 USD = ZK 13,14): Kwacha from Zambian has a rather appealing value because Zambian Kwacha is Africa’s largest copper producer.
It’s a service like steel. Which causes currency fluctuations to arise based on changes in the price of goods worldwide.
7. Rupee Seychellois (1 USD), the approved tender for Seychelles is the Seychellois rupee. SR 13.64.
Despite of the country’s tight monetary strategy, it is among the top currencies on the world.
Often, because of the business environment of the region, SCR is more important. The economy has also been rehabilitated by international investment and small-scale development, agriculture and fisheries have increased. Seychelles’ Economy became diversified and hence its precious money.
8. Gold prices decided the ZAR value for many years ( 1 USD = R 14.87) as the major exporter of the world.
Yet worldwide advances over the years have defined the Rand ‘s price course.
While important and one of Kenya’s few African currencies, the ZAR is unpredictable in that it is linked with the globe.
Furthermore, the international climate in South Africa is not as predictable and the legal tender is prone to volatility in demand. Remember that many South African countries have rated their currencies at 1.
They ‘re all combined for the Namibian pound, Lesotho Loti and Swazi Lilangeny. In other terms, their worth depends on the ZAR worth (14.87 units per USD).
9. Eritrean Nakfa (1 USD = Nfk 15.00): The Eritrean Nakfa is the legal tender for Eritrea.
This has gained peace over the years as the country ‘s policy will not exchange the currency.
Alternatively, it likes the comfort of obtaining a set exchange rate.
10. Egyptian Pound (USD 1 = Euro 16.30) – Over the course of the years Egyptian Pound’s illegal use in the Sudanese and Gaza Strip has been increasing in importance.
Moreover, the EGP has increased in value after the government cut interest rates to draw domestic and international investments.
Unlike other African currency markers, the Egyptian pound has many, namely E£ and LE.