Africa Strongest Currency: Currency value is vital since it determines the economic performance of a country. This has a direct impact on a currency’s demand on the international market. Exchange rates contrast one currency to another exposing currency’s strength in the marketplace. Some currencies within the continent have also grown weaker compared to the US dollar or the pound.
Africa Strongest Currency
Reason for Africa Strongest Currency is as a result of good economies whereas Poor living standards and a dwindling national economy have been the major contributing factors to the low currencies.
The US currency has been a predominant currency in the globe according to the International Monetary Funds accounting for 60% of the transactions worldwide.
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Africa Strongest Currency compared to the US dollar are below.
1. Libyan Dinar (1 USD = LD 1.41)
The Libyan Dinar has remained solid quite for several years as one of the Africa Strongest Currencies as compared to the dollar.
Despite insecurity and unrest after toppling of Muammar Gaddafi, the North African country has maintained a low turnover of its currency to the US dollar.
2. Tunisian Dinar (1 USD = DT 2.87)
Tunisia maintained second position as Africa Strongest Currency. Despite global economic challenges. Tunisia has shown quite some resistance to the US dollar. Tunisia also enjoys very formidable import and export policies with its conversions being static and cautioned through its stiff regulations.
3. Ghanaian Cedi (1 USD = GH 5.49)
Ghanaian currency is the leading within the West Africa region appear in number three position after Libya’s Dinar and Tunisia’s Dinar as one of Africa Strongest Currency. Touted as the beacon of democracy in Africa, the Ghanaian Cedi enjoys a greater GDP per capita which is the largest in West Africa.
4. Moroccan Dirham (1 USD = MAD 9.20)
Morocco has in many years pegged its currency at 60% to the Euro and 40% to the USD. Morocco also enjoys doing direct trade with various European nations given its closeness to Europe benefiting from several transaction, taking advantage of its proximity with European nations.
5. Botswana Pula (1 USD = P 11.6)
Botswana maintain fifth position as Africa Strongest Currency. The strength of the Pula is a result of the country’s exemplary economy and political structure.
6. Zambian Kwacha (1 USD = ZK 13.4)
Zambia is the leading copper producer in Africa and its currency largely depends on global copper prices.
7. Seychellois Rupee (1 USD = SR 13.64)
Known to be apex of luxury tourism in Africa, Seychelles has a very strict monetary policy that has seen its currency strengthened. It is densely populated ranging about over 110,000 people have also played part in boosting its GDP.
8. South African Rand (1 USD = R 14.87)
Nelson Mendela Home is Africa’s leading gold producer, South Africa, heavily relies on the commodity to boost its economy.
9. Eritrean Nakfa (1 USD = NFK 15.00)
The North African country has a fixed exchange rate that protects its currency from devaluation.
10. Egyptian Pound (1 USD = E£ 15.86)
Egypt has implemented a series of tough economic measures, including devaluing the pound, slashing energy subsidies and introducing a value-added tax, to help meet conditions of a $12 billion IMF loan. Despite this, the state introduced interest rates to attract domestic and foreign investments. This has seen its currency steady over time.
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