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You probably might have known that Africa has about 54 countries. However, only a few countries are economically viable.
The viability of these African countries is largely determined by the purchasing power of their currencies.
And what does the term “purchasing power” mean? It simply reflects the current economic situation of a country as compared to other countries in the world.
As a country, it is essentially important to have a robust currency. Some of the benefits include cheaper imports, low volatility in the Forex market, etc.
If you are searching for the highest currencies in Africa for 2021, you are on the right track.
In this article, we will be listing African countries with the most valuable currencies using their exchange rate against the United States dollar as a benchmark to determine their worth.
These 10 countries have proven to remain agile and resilient amid the eventualities that accompanied the year 2020.
Tunisian Dinar (1 USD = DT 2.69)
The Tunisian Dinar currency is currently the strongest in Africa, overtaking the Libyan Dinar with over 1.5 margins.
The country’s conversation policy and place in a well-defined export and import of its agricultural and petroleum products have enabled the Tunisian dinar to be ranked first in Africa.
Libyan Dinar (1 USD= 4.47 LD)
Despite being ravaged by war, the Libyan dinar is still among the strongest currency in Africa.
Libya is known for its vast deposit of crude oil which accounts for 95% of the nation’s total export revenue and 60% of GDP.
Besides, in the country, CBL has a program that sells only a limited number of dollars to its citizens
Ghanaian Cedi (1 USD = GH₵ 5.83)
For several years, the Ghanian Cedi experienced lots of volatility until after the replacement of Cedi in 2007 by the Bank of Ghana.
To further strengthen its currency in Africa, the government keeps investing greatly in job creation programs.
Currently, Ghana is the only West African country on this top 10 valuable currencies in Africa.
Morrocan Dinar (1 USD = MAD 8.98)
The Moroccan Dirham is the de-facto means of exchange in the West Saharan region.
Its de-facto state makes it one of the most valuable currencies in Africa.
Though the Moroccan Dirham remains uncontrolled, the law forbids its exportation.
Also read, Can Africa operate a Cashless Policy?
Botswana Pula (1 USD = P11.0667)
The Pula is the 6th highest currency in Africa. For many years, the Botswana Pula had been a stronger currency compared to the Rand.
This is because of its robust economy and relatively stable democracy.
Eritrea Kana (1 USD = ERN 15.00)
The Eritrean Kana is also ranked among the highest currency in Africa. Although Eritrean and Ethiopia have parted ways, the duo currencies share a lot of similarities in value.
Furthermore, the currency is as strong as the South African Rand.
South African Rand (1USD = R 15.01)
The South African Rand should have been up this ladder but the currency is gradually losing value since its devaluation.
Despite its devaluation two years ago, Rand is still ranked among the highest currencies in Africa.
Egyptian Pound: 1 USD = (LE 15.72)
The Egyptian Pound has been around for a while and it is the 8th currency in Africa in the year 2021.
In recent times, the currency has been gaining value because of its unofficial use in Sudan and the Gaza Strip.
Besides, the strength of the currency increased after the government’s reduction of the interest rates to attract domestic and foreign investments.
Zambian Kwacha (1USD = K 21.3)
The Zambian Kwacha has been around for a while and is the 9th most valuable currency in Africa in the year 2021.
Zambia is another landlocked country situated in Southern Africa.
Sudanese Pound: 1USD = SDG 55.30)
The Sudanese pound is one of the strongest currencies in Africa.
Despite the fact Sudan was engulfed by series of wars and crises, the country still maintained a stable currency exchange rate.
Wrapping up
By region, North Africa produced 5 countries with the highest currencies in Africa, Southern Africa with 2 countries, while others on the list came from Western and Eastern Africa combined.
So if you were searching for the top valuable currencies in Africa, I hope this article helped.
Note that: The conversion rates highlighted in this article for the highest currencies in Africa are of January 2021 and are based on the XE currency converter.
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