In this article, I will be revealing to you the strongest currencies in Africa presently, and particularly the ones that made the top 10 list. Their strength is ascertained from their current exchange rate against the United State’s Dollars. These are some of the important explanations you will find in this article as you read on.
There are many African currencies higher than Naira, so you should not be amazed that the Nigerian Naira did not make the top 10 list of strongest currencies in Africa. Having this in mind, let me, first of all, introduce to you the important thing you should know about currency exchange rates, and how it affects their strength.
Important Things You Should Know About Exchange Rates
The first thing you should know about various currencies in the world is that their values are hardly constant. This is partly a result of the unexpected movements in exchange rates, which can either be favorable or not. For instance, when you check the Dollar to Naira exchange rate in Nigeria today, you will discover differences in values from the rates of last week, or previous months.
Exchange rates have a big influence on the operations and profitability of companies. The volatility affects not just large corporations, but also small and medium enterprises. While understanding and managing exchange rate risk is an important subject matter to business owners, investors should also have good knowledge about it because of the huge impact it can have on their holdings.
As you may already know, the exchange rate simply means the value of a currency when converted to another during the trade. The United State’s Dollar (USD), for instance, is currently the most universally accepted benchmark currency because it is widely used during international trade. That is why the top 10 strongest currencies in Africa are basically currencies with the highest values when converted to the Dollar, or any other universally accepted currency.
So, let me now introduce to you the highest currencies in Africa at the moment.
Top 10 Strongest Currencies in Africa
The top 10 strongest currencies in Africa at the time this article was written are as follows.
Tunisian Dinar (TND)
The highest currency in Africa as of November 2021 is the Tunisian dinar. It is currently the strongest and most valuable currency in Africa. As at the time this article was written, TND1000 is equivalent to $353.05.
Libyan Dinar (LYD)
The Libya dinar is currently the second strongest and most valuable currency in Africa. When converted to the dollar, LYD1000 is equal to $219.20.
Ghanaian Cedi (GHS)
The Ghanaian cedi is currently the most valuable currency in West Africa and the third strongest currency in Africa. GHS1000 is equivalent to $164.74.
Moroccan Dirham (DH)
The Moroccan dirham is the fourth-strongest currency in Africa at the moment. When converted to the dollar, DH1000 equals $110.46
Botswana Pula (BWP)
The Botswana pula is the strongest currency in Southern Africa, and the fifth strongest currency in the continent at large. BWP1000 will give you $88
.Seychellois Rupee (SCR)
Seychelles is a tiny island country located in the Somali Sea, and her currency is one of the strongest currencies in Africa. It sits at the sixth spot at the moment. SCR1000 is equivalent to $78.
Namibian Dollar (NAD)
The Namibian dollar is the seventh strongest currency in Africa. If you convert NAD1000 to the dollar, you will get $67.16.
Eritrean Nakfa (ERN)
Eritrea is located in the horn of Africa, and their currency has the eighth strongest exchange rate against the dollar in Africa at large. When you compare both rates, ERN1000 will give you $66.66
South African Rand (ZAR)
South Africa has one of the strongest economies in Africa, and its currency is also one of the strongest. ZAR1000 will give you $66.63
Swazi Lilangeni (SZL)
Although Swaziland is among the poorest countries in Africa, it also has one of the strongest currencies on the continent. When compared with the dollar, SZL1000 is equal to $66.62.
These are the top 10 strongest currencies in Africa at the moment. Is the currency of your country on the list? Kindly tell us in the comment section below. Also, feel free to share this information with your friends on various social media by using the social share icons below.