Things to know: Top 10 strongest Africa currencies

By currency, we mean medium of exchange usually paper or coins used as money in a particular country. 

Currencies are generally referd to as money (or monetary units), so, think tokens like the naira, euro, dollar, yen, etc.

While each country generally has its own currency, like we have the naira in Nigeria, and use it  for transactions in their own country, the story changes when it comes to international trade and transactions. This is because the perceived and real value of money is not the same across the globe. Simply put: some currencies are stronger than others, that is to say, what one unit of a given currency of one country could buy is not necessarily the same as that of another country. Not exactly news, we know but hey no harm in mentioning it.

A country with a strong currency enjoys some benefits, a few of which are enumerated below:

Lower inflation: a strong currency lowers the cost of imported goods, enabling lower prices for consumers. This leaves more money in the pockets for local expenditure.

Lower costs for some exporters: those exporters that import raw materials from abroad for local manufacture, pay less for those materials. This offers some compensation for lower competition due to the stronger currency.

Acquisition Opportunities: a company from a country with a strong currency can buy a similar company or a supplier, in a country that has a weak currency. This enables the buying company to enjoy the strong currency in its own country while having access to cheaper supplies.

A sense of wealth: while rising stock prices and rising home values have a stronger wealth effect, also a stronger currency helps: citizens of a country with a strong currency find it cheaper to take vacations abroad, improving their quality of life.

Currently (April, 2018), the world’s strongest currency is the Kuwait dinar followed by the Bahrain dinar and Omal rial. The Jordan dinar takes the four spot while the British pound sterlings is the fifth strongest world currency. The euro perch at number six, and if you”re wondering about the American dollar, it’s currently at number 8 in the list of the strongest currencies.

The world’s strongest currency: Kuwait dinar

Despite China having risen to the position of the second largest economy, it’s currency, yuan, is relatively weak compared to the American dollar and the communist country is not in a hurry to change that soon just because… it works in its favour as an exporting hub. It currently exchanges at 0.15878 to 1 USD. To put that in perspective 1USD = CNY6.30

 

Find below the list of the 10 strongest currencies in Africa, no the naira did not make the cut and it looks like North African neighbours are dominating in this sphere.

We would place the highest currencies in Africa against the most used currency in the world (USD) and the most populated country in Africa (NGN).

  1. Libyan Dinar (LYD)

Libya is known for its vast deposit of crude oil. Apart from petroleum, Libya’s other natural resources are natural gas and gypsum. Its economy depends primarily on the oil sector, which represents over 95% of export earnings. Moreover, the oil and gas sector accounts for about 60% of total GDP.

1USD = 1.36 LYD

1LYD = 270.33 NGN

2. Tunisia Dinar (TND)

Tunisia’s key natural resources include phosphates, petroleum, zinc, lead and iron ore. In 2010, the country was globally recognized as a significant producer of phosphate-based fertilizers and phosphate rock. In the same year, the country’s phosphate rock contribution to the world market was 4.3%

1 USD = 2.42 TND

1 TND = 149.06 NGN

 3. Ghanaian Cedis (GHS)

Ghana is a West Africa country just like Nigeria. The major economic natural resources in Ghana are gold, manganese, bauxite, industrial diamonds, timber, rubber, hydropower, petroleum, silver, salt and limestone. Gold and bauxite alone account for 64.4% of Ghana primary exports.

1 USD = 4.44 GHS

1 GHS = 80.83 NGN

4. Moroccan Dirham (MAD)

The most important natural resources of Morocco are the fish, is a huge natural resource in Morocco, as well as oranges and olives and phosphates, iron ore, manganese, lead, zinc, and salt. Morocco is also known for its crops of dates, grain, tobacco and sugar beets.

1 USD = 9.22 MAD

1 MAD = 38.50 NGN

5. Botswana Pula (BWP)

Botswana’s natural resources (diamonds, copper/nickel, coal, as well as water, wildlife, soils, forests, veld products, and ecosystems) are the most significant driver of economic development and growth.

1 USD= 9.63 BWP

1 BWP = 37.3 NGN

6. Zambian Kwacha (ZMW)

The Zambia natural resources that we will discuss on this page will include copper, cobalt, zinc, lead, coal, emeralds, gold, silver, uranium, hydropower, petroleum, tin, nickel, bauxite, phosphate, Natural gas, fishing, emeralds, rivers…

Apart from its abundant wildlife, rivers, and lakes, Zambia holds 6% of the world’s copper reserves and is the fourth largest copper producing nation.

1 USD = 9.36 ZMW

1 ZMW = 37.97NGN

7. South African Rand (ZAR)

The region has both low-lying coastal areas and mountains. In terms of natural resources, the region has the world’s largest resources of platinum and the platinum group elements, chromium, vanadium, and cobalt, as well as uranium, gold, titanium, iron and diamonds.

1 USD = 12.05 ZAR

1 ZAR = 29.09 NGN

8. Eritrean Nakfa (ERN)

Eritrea is an Island country in Africa. Eritrea’s key natural resources include natural gas, gold, copper, oil, zinc and potash. Almost 70% of the country is covered by the greenstone belt of Eritrea that has deposits of precious metals and volcanic massive sulfide

1 USD = 15.00 ERN

1 ERN = 24.00 NGN

9.  Egyptian pounds (EGP)

Egypt – Natural Resources. In addition to the agricultural capacity of the Nile Valley and Delta, Egypt’s natural resources include petroleum, natural gas, phosphates, and iron ore. Crude oil is found primarily in the Gulf of Suez and in the Western Desert.

1 USD = 17.69 EGP

1 EGP = 20. 36NGN

  10. Sudanese Pounds (SDG)

Petroleum is Sudan’s major natural resource. The country also has significant deposits of chromium ore, copper, iron ore, mica, silver, gold, tungsten, and zinc. The Nile is the dominant geographic feature of Sudan, flowing 3,000 kilometres from Uganda in the south to Egypt in the north.

1 USD = 18.11 SDG

1 SDG = 19.89 NGN

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