Certain African currencies have evolved to become some of the strongest currencies in the world. The value of a currency reflects the strength and stability of the country’s legal tender. Currencies of very successful countries tend to increase in value. High currency value implies that inflation processes in the country are under control. The popularity of a currency does not guarantee its high value. The economic dominance of a nation also does not warrant its currency to be the strongest.
A nation that possesses the best currency in the world is expected to have a robust economic environment. These conditions, among many, strengthen its currency. Over time, the world has accepted certain currency denominations and prefers using them for transactions. Every country’s central bank does its best to stabilize the inflationary pressures of its currency. The institution uses fiscal and monetary policies to make this work. However, demand and supply forces always outweigh such policies to put a specific value for the currency associated.
Here are the top 10 highest currencies in Africa.
|Rank||Currency||Compared to USD|
|1.||Tunisian Dinar (TND)||1 USD = 2.78 TND|
|2.||Libyan Dinar (LYD)||1 USD = 4.51 LYD|
|3.||Ghanaian Cedi (GHS)||1 USD = 5.95 GHS|
|4.||Moroccan Dirham (MAD)||1 USD = 8.97 MAD|
|5.||Botswana Pula (BWP)||1 USD = 11.07 BWP|
|6.||Seychellois Rupee (SCR)||1 USD = 13.96 SCR|
|7.||South African Rand (ZAR)||1 USD = 14.59 ZAR|
|8.||Eritrean Nakfa (ERN)||1 USD = 15.08 ERN|
|9.||Egyptian Pound (EGP)||1 USD = 15.73 EGP|
|10.||Zambian Kwacha (ZMW)||1 USD = 19.27 ZMW|