Top 10 Countries with the Most Valuable Currency in Africa in 2021 | Where does Nigeria Naira Rank?
Most people are familiar with some African currencies but how many really know the value of those currencies?. With that in mind, thestreetvoices.com brings you the top 10 most valuable currencies in Africa.
Researching a currency is essential for anybody contemplating a trip to another country. This research informs tourists about the current currency’s exchange rate. Also, it enlightens them on the rules governing currency custody, conversion, and movement.
For instance, a tourist with $1500 might be able to finance a vacation in country A but incapable of doing the same in country B with the same amount. Why is that? This is because of the variable currency fluctuations. African currencies are likewise vulnerable to these travel issues.
- 1 What is the significance of a currency’s worth?
- 2 Top 10 most valuable currencies in Africa
- 3 #10 Zambian Kwacha
- 4 #9 Egyptian Pounds
- 5 #8 Eritrean Nakfa
- 6 #7 South African Rand
- 7 #6 Seychellois Rupee (SCR)
- 8 #5 Botswana Pula
- 9 #4 Moroccan Dirham
- 10 #3 Ghanaian Cedes
- 11 #2 Libyan Dinar
- 12 #1 Tunisian Dinar
- 13 CONCLUSION
What is the significance of a currency’s worth?
The worth of a currency is significant since it influences the economic condition of a country. The desire for a currency on the world market is greatly influenced by this.
Exchange rates compare one currency to another then gives an idea of a currency’s world market competitiveness.
International investors are typically interested in the exchange rate of the nation in which they intend to invest. Nations with greater currency values are likely to lure more investors.
The nations listed below have the top 10 most valuable currencies in Africa in relation to the US dollar.
Top 10 most valuable currencies in Africa
African exchange rates are only high whenever their values are greater than those of other nations. Importing items get more affordable when the currency is high.
When a nation’s currency is powerful, its fluctuation in the Forex market is reduced.
#10 Zambian Kwacha
Zambian Kwacha has an exchange rate of 18.16ZMK to 1 USD. Zambia remains Africa’s top copper exporter.
A land filled with animals. Zambia’s economic system has historically been based on copper, which is the country’s main base of export revenues.
Despite economic problems and variations in commodity prices, the nation remains in the top ten.
#9 Egyptian Pounds
Egyptian pounds have an exchange rate of 15.67EGP to 1USD and takes the spot of the ninth most valuable currency in Africa. Farming, journalism, oil shipments, oil and gas, and tourist activities generate the majority of Egypt’s earnings.
Also, the EGP has gained in value after the government reduced profit rates to attract domestic and international investments.
#8 Eritrean Nakfa
With an exchange rate of 14.97 ERN to 1 USD, Eritrean is Africa’s eighth most valuable currency. The Eritrean Nakfa is Eritrea’s official currency. Eritrea is a small country in Africa. For this reason, its currency is somewhat stable.
As of 2001, 9.5 Nakfa equate to 1 USD.
#7 South African Rand
South African Rand is the seventh most traded currency, with an exchange rate of 14.94 Rand to 1 USD. This is the greatest established democratic republic on the African continent.
South Africa’s economy is the second-largest in the continent, trailing only Nigeria by some few billion dollars. They are the largest producer of platinum group metals.
She has a thriving and prosperous economy and it is the single African partner of the G-20 economic forum. Her financial system is varied.
#6 Seychellois Rupee (SCR)
The Seychellois Rupee now trades at about 14.32 SCR per USD. The national currency of Seychelles, the Seychellois Rupee, is one of the highly traded currencies throughout Africa.
An increment in foreign investments helps improved Seychelles economic activities such as fishing, farming and manufacturing.
As of 2000, 6.0973 Seychellois Rupee equates to 1 USD.
#5 Botswana Pula
The Botswana Pula is now trading at about 11.12 BWP to 1 USD. The Botswana Pula is a desirable currency because investors prefer it whenever dealing on the London Stock Exchange, Africa’s largest stock exchange.
The country’s economy is thriving because of its involvement in agriculture, textiles, livestock, diamond and copper.
As of 1976, the Botswana Pula and Rand have the same value but now Pula has surpassed Rand.
#4 Moroccan Dirham
Moroccan Dirham presently has an exchange rate of MAD 8.96 to 1 USD. The Moroccan dirham is tied to a major currency comprising the euro and the US currency, with the euro valued at 60% and the US dollar rate at 40%.
Farming, natural minerals, and tourist activities are the pillars of the Moroccan economy. Also, It has the 5th largest economy in Africa.
#3 Ghanaian Cedes
The Ghanaian Cedes exchange rate is 5.96 CEDI to 1 USD. Ghana, a West African country, has a strong, diverse economy that thrives on revenues provided by hydrocarbons, tourism, mineral resources, vehicles, and so on.
Her economy grew to significance during the discovery of gold and the cocoa period.
The economy has stabilized its currency, and the country is recognized to be attractive on a worldwide scale.
Also, Ghana has been named the world’s fastest developing nation.
#2 Libyan Dinar
The Libyan dinar exchange rate is 4.51LYD to 1 USD.
The Libyan dinar is well-known for its large crude oil reserves, which contribute to 95 per cent of the country’s national income and 60 per cent of its GDP.
Libya has the best steady currency in Africa, which places this near the top of the list. Muammar Gaddafi, the nation’s late ruler, made it internationally renowned.
#1 Tunisian Dinar
The Tunisian Dinar has an exchange rate of DT 2.79 to 1 USD. Tunisia was a French colony for several generations, and its currency was the French franc.
However, in 1960, the nation substituted the currency with the dinar, known as DT. The country’s monetary law, which makes it impossible to import or export dinars or exchange them with other currencies, has allowed the dinar to be one of the strongest in Africa.
Tunisia’s agricultural economy has continually increased in terms of production and expenditure. Agriculture is the primary major main sector in Tunisia, contributing to over 14% of GDP.
Still, wondering which number Nigeria Naira will come in? Sadly, it doesn’t make the top 10 most valuable currencies in Africa even though the country’s economy is not doing badly. In fact, Nigeria has the largest economy in Africa.
Where did it all go wrong for Nigeria Naira? Moreso, How will Naira regain back its potency and value?
From a personal point of view, I think our leaders need to put the country’s needs before their own for things to take a positive turn. Because there is no reason why the Naira shouldn’t be in the top 10 most valuable currencies in Africa.