Top 15 Strongest Currencies in Africa in 2024

Highest Currencies in Africa ( Photo : diasporaconnex )

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In the dynamic landscape of African economies, having a robust currency extends far beyond mere symbolism—it signifies stability and unlocks a plethora of advantages. A strong currency amplifies purchasing power, entices foreign investment, reduces import costs, and facilitates international trade. This economic prowess not only symbolizes prosperity but also embodies tangible benefits for nations.

The strength of a currency reflects its purchasing power relative to products and other currencies in global markets. Essentially, it's the measure of services and goods obtainable and the amount of foreign currency obtained per unit of the national currency. Various local and international factors interplay to determine currency strength, including supply and demand dynamics in forex markets, inflation rates, domestic economic growth, central bank policies, and the country's economic stability.

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To gauge currency strength or identify the most valuable currency globally, we assess these interactions. The ranking of Africa's strongest currencies is benchmarked against the US dollar (USD), the global currency standard.

Here are the top 15 strongest currencies in Africa, listed by their relative strengths against the USD:

 

Rank	Currency	Country Code	Currency/$	Country
1	Tunisian Dinar	TND	3.12/$	Tunisia
2	Libyan Dinar	LYD	4.85/$	Libya
3	Moroccan Dirhams	MAD	10.07/$	Morocco
4	Ghanaian Cedi	GHS	13.70/$	Ghana
5	Seychellois Rupees	SCR	13.78/$	Seychelles
6	Botswana Pula	BWP	13.60/$	Botswana
7	Eritrean Nakfa	ERN	15.0/$	Eritrea
8	Swazi Lilangeni	SZL	18.50/$	Eswatini
	Lesotho Loti	LSL		Lesotho
	Namibian Dollar	NAD		Namibia
	South African Rand	ZAR		South Africa
9	Zambian Kwacha	ZMW	26.93/$	Zambia
10	Mauritanian Ouguiya	MRU	39.72/$	Mauritania
11	Mauritian Rupee	MUR	46.23/$	Mauritius
12	Egyptian Pound	EGP	47.94/$	Egypt
13	Ethiopian Birr	ETB	57.30/$	Ethiopia
14	Mozambican Metical	MZN	63.50/$	Mozambique
15	Gambian Dalasi	GMD	67.75/$	Gambia

 

The table list is organized according to each country's latest exchange rates as of May 4, 2024, sourced from real-time data provided by Google Finance and corroborated by Forbes Currency Converter.