Top 10 Most Valuable Currencies in Africa (Updated 2020)
These are the Most Valuable Currencies in Africa in 2020. Originally, basic items, animals, materials, and people available in an area that was used as a medium of exchange in Africa. From the 17th century, the African currency started to change when the European colonial masters interjected their commercial methods into countries they took over in Africa.
Since then, Africa’s trade by barter tradition slowly faded away and the legal tender in the form of polymer or paper notes, and coins. As the year continues to go, these currencies became an important factor used in determining the strength of the economies of every nation in Africa and the rest of the world.
What is the most valuable currency in Africa in 2020? The Libyan Dinar is the most stable and strongest currency in Africa. The Dinar current exchange rate in 2020 is 1 USD – 1.39 LYD
Top 10 Highest Currencies in Africa
We have prepared a list of the current Top 10 most valuable currencies in Africa.
10. Egyptian Pounds (1 USD – 16.04)
Egypt is a famous and ancient Arab nation that has been since the time of the bible. It is one of the 8 Arab countries in Africa, well-known for the roles it played in human civilization and also known worldwide for its unique ancient pyramids, Egypt is rich in culture and history.
Egypt is one of the most developed African countries and the 3rd biggest economy in the continent. Cairo is the capital city and the second-largest city in Africa, Cairo is an industrial and economic hub with lots of business and tourist activities.
9. Eritrean Nakfa (1 USD – 15.0 ERN)
This African island nation is a remote country that is not well known, it is located at the horn of Africa and has a small population, landmass, and economy. Eritrean got its independence after splitting from Ethiopia but both countries share the same currency value. Although the economy is small, the Eritrean Nakfa is stable and comes at No.9 on the list.
8. South African Rand (1 USD – 14.16 Rand)
The Rand is the official currency of South Africa. South Africa is the most developed country in Africa and the continent’s second-largest economy behind Nigeria.
South Africa’s economy is very active and competitive, and it is the only African country to be a member of the G-20. South Africa Rand is valuable thanks to its stable economy which is diversified in textile, gold, fertilizer, automobiles assembly, mining (90% Platinum and has 41% of all the Gold in the world).
7. Zambian Kwacha (1 USD – 14.15 ZMK)
Zambia has the title as Africa’s largest producer of copper. This landlocked country is located in south-central Africa. The country’s main population is concentrated around Copperbelt Province and Lusaka because they are the core economic hubs in Zambia. Copper has been the backbone of Zambia’s economy as this is the major source of earnings through exports.
6. Seychelles Rupee (1 USD – 13.70)
This is another unpopular country that made this list of African countries with the most valuable currencies. This island country is located off East Africa and has numerous beaches.
Fishing, boat building, furniture, tourism, coconut processing and printing are its major source of economy. Seychelles has a GDP growth rate of 4.2%.
5. Botswana Pula (1 USD – 10.66 Pula)
This landlocked country located in Southern Africa is iconic for its Kalahari Desert which is home to a diverse species of wildlife. Botswana economic boom is the longest streak the world has ever experienced, the country’s economic growth rate is moving fast and consistent. Botswana mainly depends on copper, agriculture, textile, diamond and livestock. Botswana plays a major role in the economy of its sub-region and the corporate headquarters of Southern Africa development community is located there.
4. Moroccan Dirham (1 USD – 9.60 Mad)
This Arabic nation makes the list as Africa’s 5th largest economy and 4th most valuable African currency. Its economy is liberal and capitalist, giving it major control of the economy. Some of its main source of the economy include construction, mining, automobiles, tourism, and textiles. Morocco’s economy is flourishing and its GDP grew by 2.9% in 2019 and worth over $160 billion.
3. GHANAIAN CEDIS (1 USD – 5.72 GHC)
This is the only West African country to make the list of African countries with the most valuable currencies. Ghana’s economy is diversified and stable, the country is rich in tourism, hydrocarbon, automobiles, gold, cocoa, and solid minerals.
The era of gold and cocoa export-led to Ghana’s rise in economic prominence. Ghana’s economic boom has steadied the currency and it once ranked the fastest developing country worldwide.
2. Tunisian Dinar (1 USD – 2.82 TND)
The Tunisian Dinar comes 2nd on the list. From car parts manufacturing, agro-food products, oil, phosphate, and tourism this Arabian country has one of the most diversified economies in Africa.
This island country has a population of 99% Muslims, and the average living standard is on the good side thanks to its high minimum wage of $220 per month.
1. Libyan Dinar (1 USD – 1.40 LYD)
Libya is popular for its crude oil and it accounts for 95% of the country’s total earnings gotten from export and 60% of its GDP. The Libyan Dinar is the most stable currency in Africa, and thanks to its late leader, Muammar Gaddafi, the country has grown very famous. The annual GDP growth is 27% and has a GDP of $50.98 billion.
- Top 10 Best Commercial Banks in Nigeria
- 10 Best Domiciliary Bank Accounts To Open In Nigeria (2020)
- How To Invest in Forex in Nigeria and make BIG profit
- Eurobonds in Nigeria: Facts & How to Invest
- 10 Ways to Send Money to Nigeria from Abroad (2020)
- Top 10 Best Forex platform in Nigeria
- Agriculture Loans and Grants in Nigeria: All you need to know