A currency is a system of money in general use in a particular country for trading, according to Oxford dictionary. Money has its own history of evolution, in no particular order, metal coins, cowries, gold, paper money, commodity money, fiat money, bank notes and digital money are the various form of currency used and are currently in used.
A currency is strong when its value is improving when compared to other currencies, when it’s worth more relative to other currencies. When a currency is strong, travellers can go other countries and live like a king and queens, however, when it comes to trading zone, it is an advantage and also a disadvantage -this is a talk for another day.
Globally, one of the strongest currencies is Dollar because of its general acceptability, so, the ten strongest currencies in Africa are compared to the United State Dollar (USD). Find the list below:
- Libyan Dinar (1 USD: 1.38 LYD): Dinar is the currency of Libya, a country in North Africa bordered by the Mediterranean Sea to the North, Egypt to the East, Sudan to the Southeast, Chad and Niger to the south and Algeria and Tunisia to the West. The country is popularly known for the vast oil reserves, which constitutes 95% of the nation’s total exports earnings and about 60% of its gross domestic products. The nation is also known for its insecurity, nonetheless, it standard of living is still a top notch.
- Tunisian Dinar (1 USD: 2.84TND ): This is also a North Africa country, bordering the Mediterranean Sea and Sahara Desert to the North and East, Algeria to the West and Southwest, Libya to the Southeast. The nation has a diversified economy depending on phosphate oil, car parts manufacturing, tourism and agro-food products The standard of living in the country is relatively on average with a high minimum wage rate.
- Ghanaian Cedi (1 USD: 4.80 Cedi): This nation has the third strongest currency in the continent and first in West Africa. The nation is known for diverse wildlife, old forts and secluded beaches. It is bordered by the Ivory Cost in the West, Burkina Faso in the North, Togo in the East and the Gulf of Guinea and Atlantic Ocean in the South. The country has a stable diversified economy based on rich hydrocarbon, tourism, solid minerals, and auto-mobiles among others.
- Moroccan Dirham (1 USD: 9.44 MAD): This North Africa country has a relatively liberal economy. The country has followed the principle of privatization of certain economic sectors. The nation is the fifth largest economy in Africa by GDP (PPP), it is also a major player of economic affairs in the continent.
- Botswana Pula (1 USD: 10.65 Pula): A Landlocked country located in Southern Africa has maintained a strong tradition of stable representative democracy, with a consistent record of uninterrupted democratic elections. The nation is one of the fastest growing economies since independence, averaging about 5% growth per annum over the past decade. The country was praised by the African Development Bank for sustaining one of the world’s longest economic booms. Diamonds, copper, nickel, soda ash, meat and textiles constitute the nation’s total export earnings.
- Zambian Kwacha (1 USD: 12.09 ZMW): This is a Southern Africa country, bordered by Democratic Republic of Congo to the North, Tanzania to the Northeast, Malawi to the East, Mozambique to the Southeast, Zimbabwe and Botswana to the South, Namibia to the Southwest and Angola to the West. The nation is one of the fastest growing economies in Africa and depends majorly on copper/cobalt, electricity, tobacco, flowers and cotton as its source of export earnings.
- South Africa Rand (1USD: 14.25 Rand): This is the second largest in Africa after Nigeria; it is one of the most industrialised countries in Africa. Gold, diamonds, platinum, other metals and minerals, machinery and equipment constitutes the nation’s total export earnings.The nation is the only African member of the G-20 economic group.
- Namibia Dollar (1 USD: 14.58 NAD): It is a country in Southern Africa, the nation gained independence from South Africa in 1990. The economy has a modern market sector which produces most of the country’s wealth and a traditional subsistence sector. Diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish, karakul skins constitutes the nation’s total export earnings. The government of the economy has pursued free-market economic principles designed to promote commercial development.
- Eritrean Nakfa (1USD: 15.0 ERN): This horn of Africa, it is relatively small, however, has a stable currency. The nation is bordered by Sudan in the West, Ethiopia in the South and Djibouti in the Southeast. Eritrea has an extensive amount of resources such as copper, gold, granite, marble and potash. The total export earnings of the nation constitutes; food, livestock, small manufactures, sorghum and textiles.
- Egyptian Pound (1USD: 17.95 EGP): A Mediterranean country bordered by the Gaza Strip and Israel to the Northeast, the Gulf of Aqaba to the East, the Red Sea to the East and South, Sudan to the South and Libya to the West. The nation is highly centralised planned economy; it is the third largest economy in Africa by GDP (PPP) and one of the most developed in the continent. Crude oil and petroleum products, cotton, textiles, metals products, chemicals, agricultural products are the nation’s total export earnings.