Africa is a vast continent with a rich and diverse history. From the rich mineral resources such as rubber, oil, gold, cocoa, hides, etc., to the recent tech boom and eCommerce growth in the past few years. The continent has undoubtedly come a long way in impacting the global economy. And it is a good option for international investors looking to spread their wings around the world.
The African nation is home to 54 African countries and their respective currencies. Few of which are ranked among the 100 strongest currencies in the world. But what are the strongest African currencies?
Thankfully, we will be discussing that in this post, including the ranks of all the currencies in Africa from the strongest to the weakest.
Note: To determine the strongest African currencies, we will be comparing them to the United States Dollar (USD) which serves as the global reserve currency. In addition, the rates of these currencies fluctuate from time to time. That is because they are affected by inflation, export and import duties, exchange rates, etc.
With that said, let's find out the top 10 strongest currencies in Africa. But first, we will look at the list of all the African currencies.
List of African Currencies According to USD Rates
|SN||CURRENCY||ISO CODE||COUNTRY||1 USD RATE|
|11||South African Rand||ZAR||South Africa||17.04|
|12||Swazi Lilangeni||SZL||Eswatini (Swaziland)||17.12|
|14||Sao Tome and Principe Dobra||STN||Sao Tome and Principe||23.5|
|20||Cape Verdean Escudo||CVE||Cape Verde||109.25|
|22||South Sudanese Pound||SSP||South Sudan||130.26|
|32||Central African CFA Franc||XAF||Cameroun||649.97|
|33||Central African CFA Franc||XAF||Equitorial Guinea||649.97|
|34||Central African CFA Franc||XAF||Chad||649.97|
|35||Central African CFA Franc||XAF||The Central African Republic||649.97|
|36||Central African CFA Franc||XAF||Gabon||649.97|
|37||Central African CFA Franc||XAF||The Republic of Congo||649.97|
|38||West African CFA Franc||XOF||Benin Republic||650.01|
|39||West African CFA Franc||XOF||Burkina Faso||650.01|
|40||West African CFA Franc||XOF||Mali||650.01|
|41||West African CFA Franc||XOF||Niger||650.01|
|42||West African CFA Franc||XOF||Senegal||650.01|
|43||West African CFA Franc||XOF||Guinea Bissau||650.01|
|44||West African CFA Franc||XOF||Côte D'Ivoire||650.01|
|45||West African CFA Franc||XOF||Togo||650.01|
|48||Congolese Franc||CDF||The Democratic Republic of Congo||2,002.50|
|54||Sierra Leonean Leone||SLL||Sierra Leone||13,170|
So, these are all the African currencies compared to their rates/ranks with the USD. Now let's look at the 10 strongest African currencies.
What Are The 10 Strongest Currencies in Africa 2022
Looking to invest in Africa? Or perhaps, you just want to satisfy your curiosity and gain more knowledge? Here's a look at the 10 strongest African currencies, based on their current market value. Starting from the first to the tenth, as of July 2022. They include;
- Tunisian Dinar: (TND) 1 USD = 3.06
- Libyan Dinar: ( LYD) 1 USD = 4.86
- Ghanaian Cedi:(GHC) 1 USD = 8.10
- Moroccan Dirham: ( MAD) 1 USD = 10.40
- Botswana Pula (BWP) 1 USD = 12. 76
- Seychelles Rupee (SCR) 1 USD = 13.15
- Eritrea Nakfa (ERN) 1 USD = 15.07
- Namibian Dollar (NAD) 1 USD = 15.84
- Lesotho Loti (LSL) 1 USD = 15.84
- Zambian Kwacha (ZMW) 1 USD = 15.84
Tunisian Dinar: (TND) 1 USD = 3.06
The Tunisian Dinar is the strongest African currency in 2022. It is the official currency of Tunisia and has been subdivided into 1000 milim or millimes. The exchange rate of the Tunisian Dinar to USD is 3.06.
Libyan Dinar: ( LYD) 1 USD = 4.86
Coming in second on our list of the strongest African currencies is the Libyan Dinar. The Libyan Dinar (LYD) is the official currency of Libya. It is currently exchanged at 4.86 LYD for 1 USD. It is subdivided into 5 qirsh (50 mellim or milliemes) or 5 pence.
Ghanaian Cedi:(GHC) 1 USD = 8.10
Ghanaian Cedi is currently the 3rd strongest African currency. It has a current value of 8.10 GHC against the US Dollar. The GHC is the official currency in Ghana and it is subdivided into pesewas.
Moroccan Dirham: ( MAD) 1 USD = 10.40
Moroccan Dirham is the fourth strongest African currency, according to the latest ranking. It has a value of 10.40 dirhams to every U.S. dollar and is used in Morocco and Western Sahara. The dirham is also a subdivision of the Moroccan peso.
Botswana Pula (BWP) 1 USD = 12. 76
At number 5 on our list is the Botswana Pula. The Pula is the official currency of Botswana, and is subdivided into 100 Thebe. It is currently pegged at 12.76 Pula to 1 USD.
Seychelles Rupee (SCR) 1 USD = 13.15
The Seychelles Rupee is the official currency of the Island Nation of Seychelles. It was introduced in 1977, and is currently pegged to 12.15 SCR at 1 USD. It is divided into 100 cents. The Seychelles Rupee is a fairly stable currency, and has seen modest growth over the past few years.
Eritrea Nakfa (ERN) 1 USD = 15.07
You've probably heard of the Rand, the Kwacha, and the Shilling, but what about the Eritrean Nakfa? It may be one of the lesser-known African currencies, but it's still one of the strongest in the continent. The Eritrean Nakfa is pegged at 15.07 ERN to 1 USD. And it is subdivided into 100 cents.
Namibian Dollar (NAD) 1 USD = 15.84
Namibia's dollar is the 8th strongest currency in Africa, according to the latest rankings from the World Bank. The currency has a value of 15.84 to the US dollars, it is subdivided into 100 cents.
Lesotho Loti (LSL) 1 USD = 15.84
As of the time of writing this post, The Lesotho Loti is the 9th strongest currency in Africa with an exchange rate of 15.84 Loti against 1 USD. The Loti is the official currency of the Kingdom of Lesotho and was introduced to replace the South African Rand. However, The Rand still serves as the legal tender. The Loti is subdivided into 100 lisentte.
Zambian Kwacha (ZMW) 1 USD = 15.84
At number 10 on our list is the Zambian Kwacha. The Kwacha is the official currency of Zambia, and is divided into 100 ngwee. The Kwacha is currently exchanged at 15.84 ZMW for every USD.
So there you have it. These are the top 10 strongest currencies in Africa. At the top of the list is the Tunisian Dinar, which is currently worth 3.06 for every USD. Despite recent volatility, the Dinar has remained one of the most stable currencies on the continent. Other strong currencies include the Libyan Dinar, Ghana Cedi, Moroccan Dina, Botswana Pula, Seychelles Rupee, Lesotho Loti, Zambian Kwacha, Namibian Dollar, and Eritrean Nakfa.
If you're looking to invest in Africa, be sure to do your research and understand the current market conditions of each country before making a decision.