Top 10 Highest Currencies In Africa

Currency is a part of the monetary power of a country. It is also the medium of exchange used only in a particular country. Every nation of the world has a currency that is peculiar to it. African countries are not left out. Originally, African currency was formed from basic items, materials, animals, products and even people. These currencies served as a medium of trading by barter. All these began to change in the 17th century when the Europeans began to introduce their own monetary system into the countries they invaded.

As African countries gained independence from their colonial masters, some retained the currencies introduced by their colonial masters while others renamed their currencies to suit their wants. A lot of factors beyond the control of these African countries, like inflation have caused the currencies to become unstable. Even at that, some African currencies still remains strong with high purchasing power.

Top 10 Highest Currencies In Africa

In a descending order, here is a list of the countries with the highest currencies in Africa based on their dollar equivalent As of November 2023:

10. Egyptian Pound (EGP)

• Currency Name: Egyptian Pound
• Code: EGP
• Current Exchange Rate: $1 = E£ 19.63 or ج.م 19.63.

Egypt boast of having the highest nominal GDP in Africa after Nigeria. It is no wonder the country’s currency managed to make this list as the tenth highest African currency. Initially, it was backed by precious metals, before the central bank of Egypt started a controlled float. The currency is also adopted as the unofficial currency of Sudan and the Gaza strip.

9. South African Rand (ZAR)

• Currency Name: Rand
• Code: ZAR
• Current Exchange Rate: $1 = R 17.86

South Africa has proved itself to own one of the fastest growing economies in Africa. It is no wonder why the country’s currency, rand has managed to make a list of the highest currencies in Africa. The country also shares its currency with other countries like Namibia, Lesotho and Eswatini. The currency was introduced in 1961, three months before South Africa became a republic. The currency is available in notes and coins and subdivided into 100 cents.

8. Zambian Kwacha (ZMW)

• Currency Name: Kwacha
• Code: ZMW
• Current Exchange Rate: $1 = ZK 15.72

The Zambian official currency is the eight highest currency in Africa. It is issued by the bank of Zambia. It is highly susceptible to inflation, hence why it is not often traded by currency traders and speculators. One of the reasons for the fluctuating price of the currency is due to the country’s main export copper which has an unstable price in the global market. Even though the currency is highly unstable, it has managed to make the list of the highest currencies in Africa. The current exchange rate of 1 USD to the zambian currency is 15.78 Zambian kwacha.

7. Eritrean Nakfa (ERN)

• Currency Name: Nakfa
• Code: ERN
• Current Exchange Rate: $1 = Nfk 15.00

Eritrea is a Northeast African country located on the coast of the red sea. It is nicknamed the North Korea of Africa because it is the home to one of the worst dictators in the world. The nakfa is the official legal tender in the country. It was introduced on November 15, 1998 and divided into 100 cents. It is also among the highest currencies in Africa and has experienced stability for a long time now due to its government preference for a fixed exchange rate instead of floating the currency. The current exchange rate of 1 USD is 15 ERN.

6. Botswana Pula (BWP)

• Currency Name: Pula
• Code: BWP
• Current Exchange Rate: $1 = 13.33BWP

Botswana is a landlocked country in southern Africa known for having some of the best wilderness and wildlife area on the African continent. The country’s official currency is pula and was introduced in 1976 to replace the South African Rand. The pula is further divided into 100 thebe. Due to the country’s strong currency, it largely maintains a budget surplus and has a large foreign exchange reserve.

5. Seychellois Rupee (SCR)

• Currency Name: Seychellois Rupee
• Code: SCR
• Current Exchange Rate: $1 = SRe 13.23

Seychelles official currency, rupee is the sixth highest currency in Africa. This is largely due to the country’s market economy and foreign investment. The country also serves as a good ground for the growth of small industries and business. Seychelles economy is also the smallest country with an autonomous monetary policy. Currently 1 USD=13.26 SCR

4. Moroccan Dirham (MAD)

• Currency Name: Dirham
• Code: MAD
• Current Exchange Rate: $1 = DH 10.95

Moroccan Dirham is the official currency of Morocco. It is issued by the Bank Al-Maghrib, which is the central bank of Morocco. The currency is divided into notes and coins and one dirham equals 100 centimes (cents). The currency cannot be traded outside Morocco and is immune to bank influenced price swings. At an exchange rate of 1 USD to 10.95 MAD, the Moroccan Dirham is considered one of the highest in Africa.

3. Ghanaian Cedi (GHS)

• Currency Name: Cedi
• Code: GHC
• Current Exchange Rate: $1 = GH₵ 10.50

Cedi is the name of Ghana’s national currency. It is the fourth historical legal currency of the country. Apart from being the third highest currency in Africa, it is the highest in west Africa. The currency was renewed in 2007 following a massive inflation crises which ended up depreciating the currency. Since then, the currency has experienced a massive increase making it one of the best performing in the world. The current exchange rate is at 1 USD to 10.50 GHS.

2. Libyan Dinar (LYD)

• Currency Name: Dinar
• Code: LYD
• Current Exchange Rate: $1 = 5.06 ل.د

The Libyan currency, dinar has been the strongest currency in Africa since 2019 and only got overtaken recently. It was introduced in September 1971 and replaced the Libyan pound. The currency is issued by the central bank of Libya which also supervises the banking system and regulates credit in the country. The surge of the Libyan currency is traced to the massive flood of dollar into the country through the black market. At an exchange rate of 5.06 LYD to 1 USD, the Libyan dinar is the second highest currency in Africa.

1. Tunisian Dinar (TND)

• Currency Name: Dinar
• Code: TND
• Current Exchange Rate: $1 = 3.26 د.ت

Tunisia’s currency, dinar is the highest and most valuable currency in Africa. The country is an Arabian African country located in northern Africa. The currency was introduced two years after Tunisia gained independence from France due to the depreciation of the then Tunisian franc. Over the years, the country has been experiencing low inflation rate which is one of the factor that contributes to the growth of the currency.

Top 10 Strongest Currencies in Africa Overview

Here is a table of the top ten strongest African currencies, from the strongest to the weakest As of November 2023: