The strength of a nation’s currency has a lot to say about its standard of living. The stronger the currency, the better the standard of living. In recent times, the Nigerian currency (naira) has been on what has been described by many as a “free fall,” depreciating drastically against the dollar. In times like this, it makes one wonder about how other African currencies are faring. Let’s take a look at the top 10 African countries with the strongest currencies.
Libya can be considered an authority as far as African currencies are concerned. The Libyan Dinar strongly exchanges at 1.34 to 1 US Dollar. The currency goes against the naira at 1 Libyan Dinar to 235.29 naira. Libya’s strong economy is attributed to its large deposits of crude oil.
Tunisia may not be the biggest country on the continent but her currency Dinar TND is very big in its capacity for exchange. The Tunisian Dinar has a very good bargaining strength against the US Dollar with 1 US Dollar to 2.41 Tunisian Dinar. In terms of Naira, 1 Tunisian Dinar exchanges at 130 naira.
Nigeria’s close neighbour, is a strong contender on this list. Nothing close to Nigeria in terms of size, the country has been able to grow its economy to a point where its currency Cedi has very well appreciated. Standing against the US Dollar, it takes 4 Cedi to have 1 US Dollar. For Naira, 1 Cedi will give you 71 Naira.
Sudan makes the list with one of the strongest currencies in Africa. With a diverse economy of Crude Oil, Agriculture and Fishing, the Sudanese Pounds have appreciated over the years. In comparison with the US Dollar, 6.60 Sudanese Pounds exchanges for 1 US Dollar.
Kwacha is the currency of Zambia. Having maintained some level of stability over the years, the Zambian Kwacha exchanges at 8.86 to 1 US Dollar. It goes for 33.57 Naira to 1 Kwacha.
With an economy built on Agriculture, Manufacturing and Tourism, Morocco doesn’t have to worry about the falling crude oil prices. Her currency Dirham exchanges at 9 to 1 US Dollar. In comparison to Naira, it goes for 1 to 55 Naira.
Regarded as a success story in African, Botswana’s economy is one of the strongest in Africa. The country boasts of the highest Human Development Indexes in Africa. With an economy built on Cattle Ranching, Mining and the Service Sector, the Botswana Pula goes for 10 to 1 US Dollar.
- South Africa
Devalued about two years ago, the South African rand which has depreciated from how strong it used to be still remains one of the strongest currencies in Africa. In comparison to the US Dollar, 1 US Dollar exchanges for 12.98 South African Rand. In comparison to Naira it is 1 Rand to 24.29 Naira.
- Egyptian Pound
Despite having her own share of economic and political instability, the country has managed to keep her currency afloat. In comparison to the American Dollar, the Egyptian Pound goes for 1 US Dollar to 17.81 Egyptian pounds.
This Island Country in Africa may be small but her currency is bigger than that of most African countries. As a result of its relatively stable economy, Eritrea’s currency Nakfa goes for 1 US Dollar to 15 Eritrean Nakfa.