The value of a currency in today’s world is decided by a few numbers of things: inflation, market forces within the country, its supply and demand and finally the foreign exchange market.
These factors put together, determine the currencies that should be referred to as the highest currencies in the world.
In this article, we will take a look at the African continent and see the countries with the most valuable currencies using their exchange rate to the United States dollar as a benchmark to determine their value.
So if you are searching for the strongest currency in Africa in 2020, you will find the answer to this page as you read on.
Top 10 Highest Currencies In Africa Today (2020 Ranking)
Below is a verified list of the highest currencies in Africa for the year 2020.
1. The Libyan Dinar
- Current Exchange Rate (2020): 1 USD – 1.42 LYD
The Libyan dinar is currently the highest currency in Africa. For a country that was ravaged by war not too long ago, Libya has done pretty well for itself in terms of economic development.
Its economy is among the largest and the most stable economies in Africa. That explains why people from other African nations are trooping to the Northern African nation in search of greener pastures.
The oil-rich nation brought to limelight by its former popular head of state, Muammar Gaddafi also has natural gas and gypsum as its major resources.
With the GDP of $43.59 billion (as of 2018), the country officially known as the State of Libya has one of the economies (or best) economies on the African continent.
2. The Tunisian Dinar
- Current Exchange Rate: 1 USD – 2.90 TND
Next to the Libyan dinar on this list of the strongest currencies in Africa is the currency of their northwestern neighbours, the Tunisian dinar.
The Republic of Tunisia, located in the Maghreb region of North Africa, is one of the best places to visit in the continent.
The country is blessed with a population of about 11,403,000 people (as of 2016) and very fertile land for agriculture.
As a matter of fact, agriculture accounts for about 11.6% of the country’s GDP (estimated to be about $42.277 billion in 2020), industry 25% and services 62.8%.
Talking about the industrial sector, Tunisia is mostly into the production of clothes, footwear, car parts and electrical equipment.
The country was in 2009 ranked the 40th most competitive economy in the world.
3. Ghanaian Cedis
- Current Exchange Rate: 1 USD – 5.76 CEDI
The Ghanaian cedis is the only currency from the whole of West Africa to make it to this list of Africa’s highest currencies.
According to WorldBank, “Ghana’s economy accelerated to 8.1% in 2017, driven by the mining and oil sectors, making it the second-fastest-growing African economy, trailing only Ethiopia.
WorldBank further reveals “in addition to the impact of the oil sector, gold output was high, while cocoa production levels remained stable.”
A few years ago, the Ghanaian cedes wouldn’t have seen a place in this list.
However, a commitment from the part of their government towards bettering the life the citizens through strong and well-thought policies has led to the growth that we are seeing in the country presently.
Today Ghana has become one of the places other Africans (especially those from its neighbouring countries) flock to in search of greener pastures.
With a population of 29.6 million as of 2018, this second fastest growing economy in Africa is gradually establishing itself as a major player in matters concerning the continent.
4. Moroccan Dirham
- Current Exchange Rate: 1 USD – 9.89 MAD
The Moroccan dirham is one of Africa’s strongest currencies and the third from the North African region on this list.
For a country that has been around for quite some time, the Kingdom of Morocco is not doing bad for itself in terms of its economic stability.
It has the 5th largest economy on the African continent.
The phosphorus-rich nation bordering the Atlantic Ocean and the Mediterranean Sea has seen massive developments under King Mohammed VI, the King of Morocco and Africa’s last absolute monarch.
Morocco is the third-largest producer of phosphorus in the world and one of the countries of the world with the highest phosphate reserves, trailing China and the United States of America.
Adding to the sale of Phosphates and seafood, agriculture, jewellery, and tourism contributes to the annual GDP of this African nation.
5. Botswana Pula
- Current Exchange Rate: 1 USD – 11.92 PULA
The Botswana Pula is the 5th highest currency in Africa.
Located in the Southern region of Africa, Botswana is a land-locked country and is among the strongest economies in Africa. As a matter of fact, the standard of living in the country is the same as that of Mexico.
According to Transparency International, Botswana is the least corrupt country in the whole of Africa. Blessed with lots of mineral resources (diamonds especially) and livestock, the country’s annual GDP is one of the highest in the continent.
With just a population of over 2 million people, this small African nation is really doing a lot to see its economy match that of other bigger countries in the continent.
6. Zambian Kwacha
- Current Exchange Rate: 1 USD – 18.10 ZMK
The Zambian kwacha is the 6th most valuable currency in the African continent. The country is located in the south-central parts of Africa, though some sources do refer to it as an East African country.
The land-locked country is surrounded by the Democratic Republic of Congo, Angola, Namibia, Botswana, Mozambique, Malawi, and Tanzania.
In 2010, the country was highly rated among the fastest growing economies in the world. The Republic of Zambia is blessed with lots of mineral resources such as Uranium, Nickel, Tin with Copper being the highest of them all.
Agriculture also contributes heavily to the country’s annual GDP with corn, tobacco, and wheat being among their top agricultural exports.
Tourism is another thing that contributes a whole lot to Zambia’s annual GDP with the Victoria Falls located in the Southern part of the country being their major tourist attraction.
Next to that is the National Parks (the North Luangwa, South Luangwa, and Kafue) that is made up of different kinds of animals to attract tourists from several parts of the world.
7. Swazi Lilangeni
- Current Exchange Rate: 1 USD – 17.68 SZL
The Swazi Lilangeni is the currency of Eswatini (formerly known as Swaziland), a small landlocked country which is located in Southern Africa.
The country is bordered by Mozambique to its northeast while on its north, west, and south, it is bordered by South Africa. Though the “Kingdom of Eswatini” as it is formally called, is one of the smallest countries in Africa, it is among the countries with the strongest currencies in the continent.
Estwani exports sugar, textiles, forestry, and citrus mostly to South Africa (90%), USA and EU from where it gets its foreign exchange.
8. Eritrea Nafka
- Current Exchange Rate (2020): 1 USD – 15.00 ERN
The Eritrean Nakfa is among the strongest currencies in Africa. The country which is located in East Africa is bordered by some other African countries namely Ethiopia, Sudan, and Djibouti.
The country which got its independence from Ethiopia in 1993, is rich in natural resources such as gold, granite, copper, marble, and potash. In 2011, Eritrea’s GDP saw a massive growth of about 8.7%, putting it on the list of the fastest-growing economy in the world.
The country is also serious about agriculture with 80% of its workforce employed in the sector.
Agricultural products such as sorghum, millet, barley, wheat, legumes and livestock to mention just a few, are some of the main products of this country.
9. Egyptian Pound
- Current Exchange Rate: 1 USD – 15.86 GDP
The Egyptian pound has been around for quite some time and is the 9th most valuable currency in Africa in the year 2020. The Arab Republic of Egypt as it is officially known is located in the North-Eastern region of Africa.
The country is bordered by Israel, Sudan, Libya, Jordan, Saudi Arabia, Greece, Turkey, and Cyprus. Egypt is the third-most populated country in Africa (trailing Ethiopia and Nigeria) and the most populous country in the Arab world, the Middle East and North Africa.
The country’s yearly revenue comes mostly from tourism, agriculture, liquid natural gas and lots of other natural resources.
9. South African Rand
- Current Exchange Rate (2020): 1 USD – 17.61 ZAR
The South African Rand is among the top 10 currencies with the most value in Africa 2020.
This southernmost country in the African continent which is officially known as the Republic of South Africa has over the years established itself as a major player in the economy of the African continent.
With an estimated population of 57,725,600 in 2018 and a R370.5 billion budget in 2020, the country has achieved quite some significant level of success in just two decades from the apartheid, to the extent, it is a member of the famous G20, the only member country from Africa.
South Africa’s main industries include mining, automobiles manufacturing, metalworking, machinery, textiles, commercial ship repairs, iron and steel, chemicals, foodstuffs and so on.
The country is known for exporting gold, diamonds, coal, automobiles, agricultural products and military machinery for foreign exchange.
For a very long time, South Africa has been on the list of countries with the highest currencies in Africa and with the rate at which they are advancing economically, they are only going to keep climbing higher on that list.
Wrapping Up…
By region, North Africa produced 4 countries with the strongest currencies, Southern Africa produced 3, while the other 3 countries on this list came from the West and East Africa combined.
So if you’ve been searching for the highest currencies in Africa, we hope the list on this page really helped.
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