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Top 10 highest currencies in Africa

Without a doubt, the currency of a country shows its economy and the standard of living of its people.

Listed in this article are the top ten highest currencies in Africa in 2022.

In Africa, we notice a clear evolution of the currency. From barter, we end up with paper currencies. Although still fragile, African currencies are beginning to trade on the money markets at increasingly higher prices.

Top 10 Highest Currencies in Africa 2022

Tunisha Dinar:

  • Currency name: Dinar
  • Code: TND
  • Current Exchange Rate with dollar: $1 = 2.89 د.ت

The Tunisian Dinar comes first in the ranking of the ten highest currencies in Africa in 2022. 

Tunisia, under French colonization, used the French franc as its currency. In 1960, the country replaced the franc with the dinar and also initiated a policy that makes it illegal to import or export dinars or convert them into another currency. This prohibition allowed the dinar to be part of this classification. 

In addition, the country has a vibrant export-oriented economy, which represents a significant share of the country’s GDP.

Libyan Dinar:

  • Currency name: Dinar
  • Code: LYD
  • Current Exchange Rate with dollar: $1 = 4.59 ل.د

The Libyan Dinar ranks second in this ranking of the 10 strongest currencies in Africa. It has gained strength in its last years, thanks to the monetary policy implemented by the Libyan Central Bank, which sells only a limited number of dollars to its citizens. 

In addition, its strength steadily increased after the opening of previously blocked ports and oil fields, increasing the country’s dollar revenue for oil sales.

The Ghanaian Cedi (1 dollar = 6.02 Cedi)

  • Currency name: Cedi
  • Code: GHC
  • Current Exchange Rate with dollar: $1 = GH₵ 6.60 

For many years, Ghana’s currency experienced significant volatility until the Bank of Ghana replaced the Cedi in 2007. 

Nowadays, government spending programs and job growth have kept the currency strong and featured in this ranking of the 10 highest currencies in Africa in 2022.

Also, the Cedi is more valuable due to the country’s GDP per capita, which is the highest in West Africa.

Moroccan Dirham:

  • Currency name: Dirham
  • Code: MAD
  • Current Exchange Rate with dollar: $1 = DH 9.44 

This is the official currency of Morocco, issued by Bank Al-Maghrib. This currency is the de-facto medium of exchange in the Western Sahara region. Its de facto status makes it one of the strongest currencies in Africa. 

Although the Moroccan dirham remains uncontrolled, the law prohibits its export.

Botswana Pula:

  • Currency name: Pula
  • Code: BWP
  • Current Exchange Rate with dollar: $1 = 11.51 P

The Botswana Pula ranks 5th in the 10 highest currencies in Africa in 2022. Its value is due to the country’s strong economy and relatively stable democracy. 

It is also an attractive currency, as traders trade it on the Johannesburg Stock Exchange – Africa’s largest stock exchange. 

The Pula has been the official currency of Botswana since 1976.

Seychellois Rupee:

  • Currency name: Seychellois Rupee
  • Code: SCR
  • Current Exchange Rate with dollar: $1 = SRe 13.19 

Seychellois Rupee is the legal tender of Seychelles. It is sixth in the list of the ten highest currencies in Africa in 2022. 

This ranking is due to the country’s tight monetary policy as well as the market economy of the country. Furthermore, foreign investment also played a role in the development of the economy by establishing small-scale production industries like agriculture and fishing, which helped diversify Seychelles’ GDP, hence the value of its currency. 

The Seychellois rupee has been the official currency of Seychelles since 1914 when it replaced the Mauritian rupee at equal parity.

South African Rand:

  • Currency name: Rand
  • Code: ZAR
  • Current Exchange Rate with dollar: $1 = R 15.08 

This is the official currency of South Africa. It was created on February 14, 1961, upon the withdrawal of the Commonwealth and the founding of the Republic of South Africa to replace the South African pound. 

For many years, the price of gold determined the value of the rand, as it was the country’s main export. But the evolution of the world over the years has determined the trajectory of the price of the rand. 

The South African Rand ranks 7th in ranking the ten highest currencies in Africa in 2022.

Eritrean Nakfa:

  • Currency name: Nakfa
  • Code: ERN
  • Current Exchange Rate with dollar: $1 = Nfk 15.00

The Eritrean Nakfa is the legal tender currency in Eritrea, a country in northeast Africa. It has enjoyed stability over the years as the country’s government does not float the currency. It prefers the stability of a fixed exchange rate.

Egyptian Pound:

  • Currency name: Egyptian pound
  • Code: EGP
  • Current Exchange Rate with dollar: $1 = E 13.19 

This currency has increased in value due to its unofficial use in Sudan and the Gaza Strip. 

Additionally, the Egyptian pound rose in value after the government cut interest rates to attract domestic and foreign investment. This currency closes our ranking of the ten strongest currencies in Africa in 2021.

Zambian Kwacha:

  • Currency name: Kwacha
  • Code: ZMW
  • Current Exchange Rate with dollar: $1 = ZK 17.52 

This currency has been the official currency of Zambia since 1964. 

The Zambian kwacha has an attractive value because Zambia is the largest copper producer in Africa. This means that the currency experiences volatility depending on the evolution of commodity prices in the global copper market. Thus, when prices are stable, the country benefits from a valuable currency. 

Conclusion

Mentioned in this article are the top 10 highest currencies in Africa in 2022. Now, you are better informed of the current economic trend in Africa.

Stay glued to this blog for more interesting updates.

Precious Oka

Precious Oka writes for Naijadazz.