The continent of Africa is rich in culture. Ever wondered what adds to this richness? It’s definitely the number of countries in Africa. The contributions of the 54 countries could always be addressed. The nations lap too many different currencies as well.
Which are the top currencies in Africa?
Isn’t it a question that always comes to your mind when you think about the beautiful landscape of Africa? How is this beauty maintained even in the middle of the booming population? How does the government manage the people and the finance? How does the economy impact human resources?
This article addresses all these questions and related queries. Here you can find the name of the currency, the nation that mints the currency, the symbol and ISO code (Code by the International Organization for Standardization), and the critical position that the currency holds in the continent of Africa.
A List Of The Top Currencies Of Africa
Before jumping into the details, here is a table that can be used as a quick glimpse into the content of the article.
The table starts with the weakest currency and towards the end, the strongest currencies in Africa can be found.
| Country | Currency | ISO CodeInternational Organization for Standardization | Rate (x =1 USD) |
| Zambia | Zambian Kwacha | ZMW | 16.12 |
| Egypt | Egyptian Pound | EGP | 19.15 |
| Eritrea | Eritrean Nakfa | ERN | 15.00 |
| Seychelles | Seychellois Rupee | SCR | 14.28 |
| Botswana | Botswana Pula | BWP | 12.64 |
| Morocco | Moroccan Dirham | MAD | 10.34 |
| Ghana | Ghanaian Cedi | GHC | 9.80 |
| Libya | Libyan Dinar | LYD | 4.88 |
| Tunisia | Tunisian Dinar | TND | 3.14 |
Now if you have gone through the table proceed to the article.
Which Is The Highest Currency In Africa?
Dinars have the position of being the highest currencies in Africa. The rank held by the Dinars has been unbeatable for quite a time.
Which Dinar is the strongest currency in Africa?
The answer to the question is Tunisian Dinar.
The Tunisian dinar is unarguably the most valuable currency in all of Africa. Tunisia is a country with 1.23 crores of population located at the northernmost end of Africa.
The code of the Tunisian Dinar is TND, with an exchange rate of 3.14 TND equal to 1 USD. The symbol used to represent the currency is DT.
Which Is The Second Highest Currency In Africa?
The title of the second highest currency in Africa is held by the currency of the nation of Libya, the Libyan dinar, LYD. Earlier, the currency of Libya was the Libyan Pound.
The dinar was adopted in 1971 after the Libyan revolutionary Muammar al-Gaddafi removed Muhammad Idris, the King of Libya, from the position.
The Libyan dinar was minted at the same value as the previous Libyan pound. The authority responsible for producing, issuing, distributing, and controlling the currency is the Central Bank of Libya.
The currency has an exchange rate of 4.88 LYD per 1 USD. The symbol used to represent the currency is LYD.
The Other Highest Currencies In Africa
Ghanaian Cedi, Moroccan Dirham, Botswana Pula, Seychellois rupee, South African Rand, Eritrean Nakfa, Egyptian Pound, and Zambian Kwacha are among the other highest currencies in Africa.
Ghanaian Cedi
The currency of Cedi is the national currency of the Republic of Ghana. It has the status of official currency also in the Northern region of Togo.
Ghana has the highest GDP (the Gross Domestic Product) among the West African nations. This is a contributing factor to the value of the cedi.
Cedi was the top-performing currency against the US dollar in the year 2020. As per the reports released, the Ghanaian cedi had an increase of 3.9 percent in the list of legal tenders above 140 in number.
The currency has an exchange rate of 9.80 GH₵ equal to 1 USD. The symbol used to represent the currency is GH₵. The ISO code of the currency is GHS
Moroccan Dirham
The currency of Morocco has been in existence for more than 100 years. The Moroccan franc was the currency in circulation before the dirham.
The dirham was introduced by Abdallah Ibrahim, the former prime minister of Morocco and a national politician.
Not only the official currency of the nation of Morocco but also of its nearby nations, the currency is named Moroccan dirham with the ISO code of MAD.
Morocco has a growth rate that is comparatively higher than other neighboring nations on the continent. The geographical location of the nation also aids in maintaining the value of its currency.
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As Morocco is nearer to the European Union (EU), the nation has business relations with the EU.
The currency has an exchange rate of 10.34 DH per $1 USD. The symbol used to represent the currency is DH.
Botswana Pula
Botswana Pula is the strongest currency in Africa and has been holding an active status since the year 1976. The currency was implemented as the official national currency of Botswana after the nation succeeded in putting an end to the colonial rule of the British in 1966. The currency was adopted in 1976.
The most widely used language of the nation is Setswana, and in this language the term “pula” means rain. Pula survived the 2005 depreciation and has managed to maintain a stable value in the market.
The currency is represented with the code BWP.
The currency has an exchange rate of 12.64 P equal to 1 USD. The symbol used to represent the currency is P.
Seychellois Rupee
Seychelles is a beautiful nation with coral reefs, natural beaches, and biosphere reserves. The nation follows a stringent policy in money matters.
One of the prominent reasons for the currency of the nation remaining strong is the tourist appeal the nation holds.
As it is on the list of the most visited nations on the continent, there are a large number of foreign exchanges happening in the nation.
Tourism activities generate a major part of the revenue of the nation.
Seychellois Rupee is represented with the code SCR and has an exchange rate of 14.28 SRe equal to 1 USD. The symbol used to represent the currency is SCR
South African Rand
South Africa has a population of 60,6 million as of 2022, and a gross domestic product (GDP) of 41,901.5 crores as of 2021.
The nation is rich in mineral deposits, including gold, diamond, titanium, silver, platinum, manganese, chromium, copper, uranium, iron ores, and much more. The largest source of revenue in South Africa is personal income taxes, followed by real estate, quarrying, mining, agriculture, and fishing.
The currency has an exchange rate of 16.80 R equal to 1 USD. The symbol used to represent the currency is R.
Eritrean Nakfa
Eritrea is one of the newest countries, having gained independence in 1993. It is a small country located in the easternmost part of Africa.
It is one of the five countries that constitute the Somali Peninsula, also known as the Horn of Africa.
Eritrea has a growing economy and a gross domestic product of 2.37 US dollars.
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The nation has a robust agrarian background, and its revenue is mostly generated from agricultural products and fisheries, mining, light industry, fisheries, and tourism. Eritrea’s significant exports are gold, silver, zinc, and copper.
The currency has an exchange rate of 15.00 Nfk equal to 1 USD. The symbol used to represent the currency is NFK. The ISO code of the currency is ERN.
Egyptian Pound
Egypt, the home to the phenomenal man-made wonder of the Earth, the Great Pyramids is also the home of the strongest African currency.
The land on the valley of the Nile river has flourished as one of the earliest known civilizations and the Egyptian Pound has been in circulation for more than 200 long years.
Located in North Africa with a population of 102 billion people, Egypt is the African nation with the second highest GDP (gross domestic product).
The revenue of the nation is mainly generated from agrarian activities, natural gas, petroleum imports, and tourism.
The currency has an exchange rate of 19.15 E£ equal to 1 USD. The symbol used to represent the currency is E£ and the ISO code of the currency is EGP
Zambian Kwacha
The name Zambian Kwacha could not be left unmentioned when it comes to the top currencies in Africa.
Kwacha is the official currency of Zambia, a nation located in the southern part of Africa. The currency in circulation before the Kwacha, in Zambia, was the Zambian Pound.
The government adopted Kwacha after it gained freedom from the imperialistic administration of Britain in 1964.
Zambia is a bearer of the richest mineral deposits. Zambia produces a significant amount of Copper in Africa.
The currency has an exchange rate of 16.12 ZK equal to 1 USD and is represented with the code ZMW. The symbol used to represent the currency is ZK.
Conclusion
The article provides light on the economical condition of the major nations of Africa.
By the time you have completed reading, you as a reader would have a general assessment of the strongest currencies of the African continent and how they contribute towards the continent.
Details about the currency, the nation to which it belongs, the latest rate of the currency against the US Dollar, and the ISO Code and the symbol used to represent are explained in this article.
A brief introduction to the nation that holds the currency is also given. Tunisian Dinar, is the highest currency in Africa, and Libyan Dinar, is the second highest currency, in Africa, and an overlook of the other important currencies is also given.
At the beginning of the article, you can also find a table concise with important information about the currencies, that could be read and comprehended easily.
