The expression dollar has a very curious origin, which refers to the year 1518 and, you see, far from the United States. The National Bank of Libya issues this currency, and it has an ISO code, LYD. It is number one on our list because 1 LYD = 0.21 USD translates to 1$ = 4.88 LYD. So, which currency is the strongest and highest in Africa in 2023? In other words, a strong economy that is capable of placing its own among the most valued currencies in the world. Egypt is a populous African country in the northeast corner of the continent. A specific country does not issue cryptocurrencies, so they do not suffer the same positive and negative influences on their price. The currency is mainly strong because of the countrys strict monetary policy. Your email address will not be published. Although these three countries each have their own national currency (thedollar, thelotiand thelilangenirespectively), all three have been pegged with the rand at par since their introductions, and the rand is still widely accepted as a substitute for them. Zambia is the largest producer of copper in Africa. Tunisia leads the pack Photo Credit: Fethi Belaid, Patrick Baz, Issouf Sanogo, Ullstein Bild Source: Getty Images. 7. Remittance flows to sub-Saharan Africa are projected to decline by 8.8 percent, to $44 billion in 2020, followed by a further decline of 5.8 percent, to $41 billion in 2021. China. 3. Its also appealing because its traded on Africas largest stock exchange, the Johannesburg Stock Exchange. 4: Jordanian Dinar (JOD) The Jordanian Dinar is a significant outlier in this group. Ghana is a popular country that sits at Africas western edge. Revenues of $4.46 billion in the U.S., Canada, South Africa, Australia and New Zealand. The price chart reveals that the South African Rand has generally been losing ground against the dollar, although between April 2020 and May 2021, the Rand gained considerable ground. Its de-facto status makes it one of Africas most valuable currencies Its current exchange rate is $1 = 9.07MAD. The euro? The government decided to use rupees as the official legal tender because there was an influx of Indian rupees in the country due to immigration. Photo: @Getty Images Source: Getty Images The Egyptian pound, denoted by the sign E, is the 10th highest currency in Africa and the official currency of the Arab Republic of Egypt. Although the MAD is still unregulated, it is illegal to export it. You are already subscribed to our newsletter! Tunisian Dinar is the currency ofTunisia. Their currency is the better for it. Comparing such different situations invalidates the result. The once fastest developing country in the world depends heavily on tourism, hydrocarbon, solid minerals, automobiles among other things. The Zambian Kwacha is among the top 50 highest currencies in Africa currently. South African Rand (1 USD = R 14.88).9. Currently, the Rand is one of the strongest currencies in Africa, and this is due to recent economic growth. The obverse features the old Palace of Justice building, while the reverse shows an image of the Bahrain Circuit, where the Formula One Grand Prix is held. No, surprisingly, the worlds most valuable currency does not belong to any economic power, not even a Western or Asian country, but rather a small but mighty oil power. Tunisian Dinar (1 USD = DT 2.89). A set exchange rate links the Namibian Dollar and the South African Rand. Today, it exchanges for about 15.24 SZL for every USD. Dec 5, 2022. The South African rand is also legal tender in theCommon Monetary Areamember states ofNamibia,LesothoandEswatini. Anyone who visits the country may feel that the kind of change is relatively high against other currencies. Tunisian Dinar (1 USD = DT 2.89) County: Tunisia The second highest currency in Africa is Tunisia's Tunisian Dinar. Exchange rates compare one currency with another and give a quick glimpse of the strength of a currency on the global market. Libya is also wealthy in natural resources such as oil, gold, and silver. The first name for the conversion system between the currencies merged was the European Currency Unit (ECU). During this period, escudos were used. Cape Verde escudo (CVE) is the official legal tender used in the island nation of Cabo Verde. Created in 1961, this currency has such a high value due to Kuwaits substantial oil revenues. Moroccan dirham: Morocco has the fourth strongest currency in Africa, for now. It is issued by theBank Al-Maghrib, thecentral bank of Morocco. Angola - $217.97 billion. The Moroccan Dirham is an ancient African currency that has been around for more than 100 years. Ghanaian Cedi: Ghana has the highest exchange rate against the dollar in West Africa. The pound sterling is the oldest currency that is still in use today. The 1 dinar bill is red. In conclusion, we shall keep you posted on the top 10 lowest and cheapest currency value list in the world in 2023. Nigeria's cryptocurrency business. Economic activities like farming, fishing, and manufacturing have also enjoyed growth thanks to an increasing number of foreign investments. The Pula comes in at number 5 on our list of the highest currency in Africa. It makes it one of the highest currencies in Africa. This is because most developed countries operate a low or zero return on savings. But the fact that it is a tax haven does not mean that there is some free port for money. Because of the countrys robust economy and relatively stable democracy, the Botswana Pula is highly valuable. The Zambian Kwacha currently exchanges at the rate of ZMW19.71 to one USD1. The Swiss Franc is represented by the CHF code and is Switzerlands official currency, one of the worlds wealthiest countries with desirable economic development. 99. The Libyan Dinar is number two on our list of the highest currency in Africa. Top Rated seller. We had only listed the top 10 strongest currencies in Africa but decided to add all the African currencies below. Many people do not realize the importance of retirement planning until it is too late. The currency is also stable with the exchange rate reported as 10.051 Dirhams to US$1 in January 2000. It is however worth noting that raising interest rates can significantly risk slow economic growth in a country. It is subdivided into 100cents(sign: c). In 1834, EGP replaced the Egyptian piastre, and today 1USD exchanges for about 15.74 EGP. An Arabic country in Northern Africa, it has a unique currency that attracts foreign corporate investment. The Libyan Dinar is still one of the most sought after currencies in Africa, especially for those looking to travel to the North African sub region. Tourism, the production of agro-based products, oil, phosphates, and the manufacture of car parts drive Tunisias vibrant economy. The value of the African currency nakfas was 9.5 per US$1 as of January 2001. Learn about the strongest currencies in the world and their influences on our daily lives. Moreover, raising interest rates is a great way of promoting hot money flows from developed countries. Export of the resources keeps strengthening the Rupee. Also see: Best countries in the world to work as a doctor. Certainly, this can either be in form of hardware innovative solutions or software systems and applications that solve the problem(s). What about the British pound? The Ghanaian economy experienced a significant boom in the gold and cocoa era and has since shown promising growth signs. It has made Eritrea have one of the highest currency values in Africa as the demand for food is always high, subsequently making its economy grow quickly. Tunisia is a North African country that has learned to depend less and less on imported goods and products in favor of homemade products. And finally,10. 1USD exchanges for about 15 ERN. As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. So Tom & Prncipe dobra (STD) is the official currency used in So Tom & Prncipe, an island located off the west coast of central Africa. Eritrean Nakfa (1 USD = Nfk 15.03). The South African Rand is among the top 50 highest currencies in Africa. A look at the price chart reveals that the Kwacha has generally been losing ground against the dollar; although there was a slight trend reversal from August 2021 to October 2022. In addition, its market-based economy has also made SCR more valuable. Converting GHS1000 would give you $161.75. This bank manages the value of the birr via the dirty float system. Correspondingly, the Chainanalysis report found that Africa's cryptocurrency market share is the . In 1960, this was changed to the Dinar and accompanied by a policy where it is unlawful to import, export, or convert the new currency to other currencies. 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Moroccan Dirham (1 USD = MAD 9.87) The Moroccan Dirham is one of the strongest currency in Africa exchanging for MAD 9.87 to 1 USD. In addition to its natural beauty that attracts millions of tourists, the country is also a magnet for business and technology development companies. the US dollar is bought or sold in 88% of all trades, whereas the euro is bought or sold 32% of the time. Canadas global commodity prices heavily influence Canadas monetary policy and the value of the Canadian dollar. Eritrea is a country located in the horn of Africa with one of the most important currencies in Africa, the Nakfa, which is its official currency. South Africa economy is diverse; gold mining, agriculture, services, industry, tourism, and industry are all important sectors. The Covid-19 pandemic is slowly becoming history but many countries in the world are still neck-deep in their struggle to revive economic activities. So Tom & Prncipe was colonised by the Portuguese between 1470 and 1975. Poor living standards and a dwindling national economy have been the major contributing factors to the crippling currencies. However, since Kuwait is a small country in an area considered risky and does not have an economy of the caliber of those that support the dollar or the euro, the Kuwait dinar is not chosen as a viable commercial alternative on stock exchanges. Areport by Nations Encyclopedia shows that the South African Rand was valued at R7.90 per U.S. dollar in May 2001. However, unlike Egypt, where wages are meagre, and the most impoverished locals use this money to supplement their income, Jordanians would not expect a reward for tasks such as offering instructions. Despite this data, exposed on the European Central Banks website, money has a significantly lower share in terms of value. And finally, Cambodian Riel (4,102.79 KHR/USD). Despite this, the state introduced interest rates to attract domestic and foreign investments. Canada is a country that offers several opportunities for entrepreneurs who want to internationalize their business because the government has a developed market and a strengthened economy. Described as a haven of luxury tourism, Seychelles has a very strict monetary policy that has seen its currency strengthened. In this article, Legit.ng spotlights 5 African currencies that have the highest exchange rate against the United States dollar as far as the year November 2021 is concerned. The currency issued by the United States is used as a reference worldwide. The currency code is OMR. . The original currency in Tunisia was the French Franc after their French colonization. Other prevailing industries in the region include automobile manufacturing and commercial ship repair. During the colonisation period, Libya used the French Ottoman piastre.