Based on their exchange rate to the dollar and their purchasing power, the currencies below are the strongest in Africa.
Top 10 Strongest Currencies In Africa – 2019
10. Swaziland (1$=14.18 szl)
The lilangeni is the currency of Swaziland. (The South African rand is also accepted in Swaziland).
Swaziland Lilangeni currently exchanges for 14.18 szl to every 1USD.
9. Namibian Dollars (1$ = 14.18 nad)
The Namibian dollar has been the currency of Namibia since 1993. It is normally abbreviated with the dollar sign $, or alternatively N$ to distinguish it from other dollar-denominated currencies. Currently it exchanges to 14.18 nad to every 1USD.
8. South African Rand (1$=14.04 ZAR)
The rand is the official currency of South Africa. The rand is subdivided into 100 cents. The ISO 4217 code is ZAR, from Zuid-Afrikaanse rand; the ZA is a historical relic from Dutch and is not used in any current context except the country abbreviation, where it is used because “SA” is allocated to Saudi Arabia. Currently 1 United States Dollar exchanges for 14.04 South African Rand.
7. Seychelles Rupee (1$ = 13.66 scr)
Surprisingly Seychelles’s currency is also among the top 10 strongest currencies in Africa. 1 United States Dollar currently exchanges for 13.66 Seychelles Rupee.
6. Botswana Pula (1$ = 10.7 pula)
The pula is Botswana’s official currency, It currently exchanges for 10.7 Pula to every 1USD.
5. Zambian Kwacha (1$ = 12.55 kw)
The kwacha is the official currency of Zambia. The exchange rate is currently 1USD for about 12.55 Zambian kwacha, making it one of the most valuable currencies in southern Africa alongside south Africa.
4. Moroccan Dirham (1$=9.6 Dirham)
Morocco boasts one of the strongest currencies in Africa, with $1 currently exchanging for about 9.6 Moroccan dirham.
3. Ghanaian Cedis (1$ = 5.4 cedis)
Ghana is the only West African country on this list. One USD currently exchanges for 5.4 Ghanaian Cedis, making it the third most valuable currency on our list.
2. Tunisian Dinar (1$ = 2.90 t.dinar)
The Tunisian Dinar comes in after the Libyan Dinar as the second most valuable currency in Africa.
The exchange rate of this currency to the dollar is equivalent to 2.90 Tunisian dinars.
1. Libyan Dinar (1$= 1.40 l.dinar)
Based on its exchange rate to the dollar, the Libyan dinar is Africa’s strongest currency -despite the fact that the country has been in shambles since Muammar Gaddafi was ousted in 2011 – One dollar currently exchanges for about 1.40 Libyan dinars.
African countries with controlled foreign exchange rates
Several African countries have come under scrutiny over their foreign exchange regimes, that are often strictly managed by states in the face of thin reserves and dollar shortages.
While some like Egypt and Angola have recently loosened the grip on their currencies, allowing for economic adjustments through their exchange rates, there are still quite a number who still control their foreign exchange rates.
Africa’s biggest oil exporter operates a multiple exchange rate regime, which it has used to manage pressure on the currency.
The official rate NGN= of 306.90 is supported by the central bank but the NAFEX rate (Nigerian Autonomous Foreign Exchange Rate Fixing) of 362 is widely quoted by foreign investors and exporters.
Central and West Africa (CFA Franc)
Countries in the eight-nation West African CFA franc zone (Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo) and the six-nation Central African CFA franc zone (Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon) have their respective currencies pegged to the euro XOF=.
Both are guaranteed by the French treasury and were pegged to the French franc before the euro. Although the two currencies are in theory separate legal tenders, they have been effectively interchangeable. The CFA franc is pegged at 655.957 to the euro.
Africa’s biggest coffee exporter has operated a carefully managed floating exchange rate regime since 1992 for its birr currency ETB=.
In September, the country’s central bank governor said Ethiopia should slowly liberalise its exchange rate regime but was unlikely to move to a fully floating rate within the next three years.
The dirham MAD= is pegged against a euro-U.S. dollar basket, with the latter having a weighting of 40%. In January 2018, Morocco widened the band in which the dirham trades against hard currencies to 2.5 percent either side of a reference price from the previous 0.3 percent.
The country’s dinar DZD= is managed against an undisclosed basket of major currencies.