A country’s currency tells a lot about its economy and living standards of the people. There is a common misconception that the biggest and most popular nations often have the best currencies; this is false – especially when Africa is concerned.

How do you think the big countries rank concerning their currency in Africa today? Most people believe that countries like South Africa and Nigeria have the most valuable currencies in the African continent.

But in reality, it is not true. Many other currencies are more valuable, especially from countries, you would least expect. The South African Rand comes 8th on the list, while the Nigeria which is popularly known as the so called " gaint of Africa " didn't even make it to the top 10.

Many critics have argued that the dependence of African economies and currencies on America, Europe, and Asia, is the biggest reason for its failure.

To help you get a better understanding of the situation, we compiled a list of the strongest currencies in Africa 2020. Each currency was rated against the official exchange rate of the United State dollar today at the time of writing this article.

Some names on the list would surprise you as many people do not expect them to have stronger currencies above the bigger and more popular nations.

Note: The conversion rates highlighted in this article are as of the 29th of May, 2020 and are subject to changes as exchange rates are volatile.

Below are the countries with the most valuable currency in Africa 2020:

1. Libyan Dinar (1 USD = LYD 1.42): The Libyan Dinar has been the strongest currency in Africa for a very long time. In Libya, the Central Bank of Libya (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. 1 LYD = 272.89 NAIRA.

2. Tunisian Dinar (1 USD = TDN 2.87): Tunisia was under the French colony and used the French franc as its currency for many years.

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 Tunisian Dinar to be among the highest in Africa. 1 TND = 134.85 NAIRA.

3. Ghanaian Cedi (1 USD = GHS 5.77): 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 programmes 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. 1 GHS= 67.16 NAIRA.

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 went for 1 USD to 9.87 MAD. Currently, 1 MAD = 39.58 NAIRA.

5. Botswana Pula (1 USD = BWP 11.84): 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. Before 1976, the Pula’s exchange rate and valuation were on the same basis as the Rand. 1 BWP = 32.74 NAIRA.

6. Eritrean Nakfa (1 USD = ERN 15.00): The Eritrean Nakfa is the legal tender for Eritrea.

It has enjoyed stability over the years because the country’s government does not float the currency.

Instead, it prefers the stability of having a fixed exchange rate. 1 ERN = 25.83 NAIRA.

7. Egyptian Pound (1 USD = EGP 15.83): The Egyptian Pound has been gaining value over the years because of its unofficial use in Sudan and the Gaza Strip.

Also, the EGP has gained in value after the government reduced interest rates to attract domestic and foreign investments.

Like other African currency symbols, the Egyptian pound has several, including E£ and LE. 1 EGP = 24.48 NAIRA.

8. South African Rand (1 USD = ZAR 17.55): For many years, the price of gold determined the value of the ZAR because it was the country’s main export.

But developments throughout the world over the years have determined the price trajectory of the Rand.

Although it is valuable, and one of the few African currencies used in Kenya, the ZAR experiences some volatility as it is linked to the rest of the world.

Also, South Africa’s political landscape is not as stable and that subjects the legal tender to price fluctuations. Note that several countries in South Africa have pegged their currencies to the rand at a rate of 1.

The Namibian Dollar, the Lesotho Loti, and the Swazi Lilangeni are all pegged to the rand at the same rate. This means that their value depends on the value of the ZAR, which is 14.87 units per USD. 1 ZAR = 22.10 NAIRA.

9. Seychellois Rupee (1 USD =SCR 17.58): The Seychellois Rupee is the legal tender for Seychelles.

It is among the highest currencies on the continent because of the country’s strict monetary policy.

Also, SCR is more valuable due to the country’s market-based economy. Foreign investments have also helped to refurbish the economy and expanded small-scale manufacturing, farming, and fishing. That has diversified Seychelles’ GDP, hence its valuable currency. 1 SCR = 22.08 NAIRA.

10. Zambian Kwacha (1 USD = ZMW 18.33): The Zambian Kwacha has an attractive value because the country is the largest producer of copper in Africa.

Copper is a commodity. That means the currency can experience volatility depending on the shifts in the commodity prices on the global copper market. 1 ZMW = 21.14 NAIRA.

NIGERIA is popularly referred to as the " giant of Africa ", because of her immense population. This nation is blessed with human resources and abundant natural resources like crude oil, bitumen, natural gas, arable lands and so on. Yet, the NIgerian Naira ( NGN) ranks among the 10 weakest currencies in Africa and among the 20 weakest currencies in the world. This has led many people to ask: " what is the problem with Nigeria?"

laugh wan finish me here!! weakest currencies in Africa Nigeria we'll soon too that list. "giANT of Africa" my balls

Na wa o

The truth is that Nigeria was once upon a time the giant of Africa. Now those virtues have gone for good and it is now the "ANT of Africa.

You cannot from the bottom of the league table on relegation to carry Cup. "IMPOSSICAN'T"

Namibia!! My dream country!! Abeg if youre in Namibia or you know a thing or two about the country, please, mention me!! Am planning on relocating there in 2 or 3 years from now!! Pls!!

Good list..

At least if we no go Yankee, other African countries beta pass Nigeria

this is why i hate what i don't like. (spits on the phone screen)

Even in Nigeria, naira no get value talk more outside.... 1k you remove #50 from the money Don finish be that oooo



Meanwhile am still looking for mercy..

Na wa...
Naira no get value again.

I blamed people of that extraction, they major mostly on importation of goods to resell over the years discouraging local productivity. These people buried Nigeria into inflation. They don't produce anything but depends on oil and importation business. They even import used clothes and fake materials...making Nigeria dumping ground.

With Northerners and South west the currency would have been stronger

E con dey hongri me to comot for dis kontri go Niger Republic go stay self

Strong currency doesn't necessarily tell you how healthy a country's economy is, GDP per capita is a better measure of the strength of the economy. For developing countries especially in Africa I'd argue the weaker the currency, the better for the economy as it makes it easier to attract Foreign Direct Investment. There is a reason why South Africa and Nigeria two major economic powerhouse in Africa are down the list on currency value.

Drchristian:
I blamed people of that extraction, they major mostly in importation of goods to resell over the years discouraging local productivity. These people buried Nigeria into inflation. They don't produce anything but depends on oil and business.

With Northerners and South west the currency would have been stronger

If "people of that extraction" didn't major mostly in importation of goods, another tribe would have filled that void. The truth is Nigeria is not a producing country, and aside oil there is nothing tangible we are producing to give us a favorable balance of trade. And please don't mention agriculture, agriculture is not going to grow an economy without proper value chain.
What the country needs now is a complete revolution in our education system to focus on building entrepreneurs.

Audio giant of Africa

Shukusheka:
If "people of that extraction" didn't major mostly in importation of goods, another tribe would have filled that void. The truth is Nigeria is not a producing country, and aside oil there is nothing tangible we are producing to give us a favorable balance of trade. And please don't mention agriculture, agriculture is not going to grow an economy without proper value chain.
What the country needs now is a complete revolution in our education system to focus on building entrepreneurs.

"The another tribes" are doing their very best lest Nigeria would be the country with the worst currency around the globe.

Drchristian:

"The another tribes" are doing their very best lest Nigeria would be the country with the worst currency around the globe.

So what is the very best "The another tribes" are doing to help the currency?

Shukusheka:
So what is the very best "The another tribes" are doing to help the currency?

Exportation

Agricultural products e.g rice, animals yam cocoa etc

Entertainment industry

Shoe manufacturing

Cloth

Amongst many others

i wonder when we are going to get it right in this country, imagine LIBYA a war thorn country, has the strongest currency in AFRICA, while NIGERIA with all her natural resources is no where to be found.

seriously are we cursed in this nation

Everything for this my country naa gbege..
We need to reroute and go back to our source...oga oo..

Naira one of the weekest currency.. spits ��

2cul2care:
i wonder when we are going to get it right in this country, imagine LIBYA a war thorn country, has the strongest currency in AFRICA, while NIGERIA with all her natural resources is no where to be found.

seriously are we cursed in this nation

That means, if not the War in Libya. They would be competing with Italy.

May God airpus o

Ghana cedies for now

Drchristian:
I blamed people of that extraction, they major mostly on importation of goods to resell over the years discouraging local productivity. These people buried Nigeria into inflation. They don't produce anything but depends on oil and importation business. They even import used clothes and fake materials...making Nigeria dumping ground.

With Northerners and South west the currency would have been stronger

But still you people can't let the people go and be on their own so that Nigerian economy and currency will be among the best in the world.

Sometimes I wonder how foolish and stupid these other tribe's can be.

Terrible

Drchristian:


Exportation

Agricultural products e.g rice, animals yam cocoa etc

Entertainment industry

Shoe manufacturing

Cloth

Amongst many others

Now see the ignorance and stupidity I am talking about! Which tribe manufactures shoes, clothes and other accessories more? Have you heard of Aba before? Which tribe dominates the entertainment industry in Nigeria?

If worse come upon worst is it not better to protest and inform your stupid tribe and masters to let the tribe dragging your useless country poultry backward to leave and be on their own as they wished?

Op remove Ghana.they took off 0000 from their currency that's why it appears to be strong. If Nigeria decides to do same out currency will also be as strong as CEDI's.

When the gluttons have milked it dry