A country’s currency tells a lot about its economy and living standards of the people. There is a huge misconception that the biggest and most popular nations often have the best currencies; this is false – especially when Africa is concerned. Some of the highest currencies in Africa are from nations that have a wealth of commodities. So, their currencies are strong because of the price increases in their commodities.
How do you think the big countries rank concerning their currency in Africa today? Amazingly, most people believed countries like South Africa and Nigeria have the most valuable currencies in the African continent.
But actually, it is not true. Many other currencies are more valuable, especially from countries, you would least expect. The South African Rand for example, came 8th on our list while the Nigerian Naira did not make it to the top 10 most valuable or strongest currencies in Africa. Many critics have argued that the dependence of African economies and currencies on America, Europe, and Asia, is the biggest reason for its failure. As a result, they advise that African countries must become truly independent and adopt the one-currency proposal of pan-African hero, Kwame Nkrumah.
To help you get a better understanding of the situation, we compiled a list of the strongest currencies in Africa this year 2020 and maybe beyond. Each currency was rated against the official exchange rate of the United State dollar as per this moment.
Before we bring forth this list, permit me welcome you to Positive Africa. On this channel, we do all this informative and educational about the African continent. Consider subscribing and turning on the post notification bell icon so you never miss out on any of our videos. Following is the list of the top 10 strongest currencies in the African Continent.
1. Libyan Dinar (1 USD = LD 1.41): The Libyan Dinar has been the strongest currency in Africa for a very long time. In Libya, the CBL has a programme that only sells a limited number of dollars to its citizens.
However, the continuous war and violence that engulfed the country since the assassination of longtime leader, Mummar Gadaffi, has affected the economy of the country drastically.
2. Tunisian Dinar (1 USD = DT 2.87): Tunisia was under the French colony and used the French franc as its currency. But in 1960, the country replaced the franc with the dinar abbreviated as DT.
The country’s monetary policy where it is illegal to export or import dinars or convert them to other currencies has enabled the dinar to be among the highest in Africa.
3. Ghanaian Cedi (1 USD = GH₵ 5.49): For many years, Ghana’s currency experienced lots of volatility until the Bank of Ghana replaced the Cedi in 2007.
Today, the government’s spending programmers and job growth have enabled the currency to remain strong in Africa.
Furthermore, the Cedi is more valuable because of the country’s GDP per capita, which is the currently largest in West Africa.
4. Moroccan Dirham (1 USD = MAD 9.89): The Moroccan Dirham is the de-facto medium of exchange in the Western Sahara region.
Its de-facto state makes it one of the highest currencies in Africa. In the past, the currency exchange rate against the US dollar was around 1 MAD = 0.103182 USD but now its rocking!
5. Botswana Pula (1 USD = P 10.90): The Botswana Pula is valuable because of the country’s strong economy and relatively stable democracy.
Furthermore, it is an attractive currency because traders trade it on the Johannesburg Stock Exchange, which is the largest stock exchange in Africa.
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