What determines a powerful and strong currency is the rate of international market demand, which is why it is important one must know the values of these currencies, as it can be very helpful in multiple scenarios. The value of currencies in this article is based on their exchange rates against the US dollar. Because it is Global currency. A global currency is one that can be used for all kinds of trade transactions anywhere in the world. An example of a global currency is the US Dollar because 64% of all foreign exchange transactions worldwide are carried out using the USD.
Africa’s Top 5 Most Valuable currencies
1. Libyan Dinar (1 USD = LD 1.31): The Libyan Dinar has been the strongest currency in Africa for a very long time despite the continuous war and violence that has engulfed the country. In Libya, the CBL has a Programme that only sells a limited number of dollars to its citizens.
2. Tunisian Dinar (1 USD = DT 2.73): The Tunisian Dinar is strong because Tunisia has in place a well-defined export, import, and conversion policy.
3. Ghanaian Cedi (1 USD = GH₵ 5.78): Ghana is the only West African country on this list and the Cedi is more valuable because of the country’s GDP per capita, which is also the largest in West Africa.
4. Moroccan Dirham (1 USD = MAD 9.20): The Moroccan dirham is pegged to a currency basket of the euro and US dollar, weighted 60% to the euro and 40% to the US dollar. Two years ago, the central bank began a process of liberalizing the Moroccan exchange rate so that it could be more flexible in the face of external market shocks, such as the 2008 global recession.
5. Botswana Pula (1 USD = P 11.66): The Pula has been stronger for some years now and the country’s economy and political structure is often lauded as a shining example of how an African democracy can work. The Botswanan economy is often regarded as an African success story, and the country enjoys one of the highest Human Development Indexes (HDI) on the continent. Government revenue is derived from mining, cattle ranching, and the service sector. Furthermore, the Pula is one of the strongest currencies in Africa because traders trade it on the Johannesburg Stock Exchange, which is the largest stock exchange in Africa.
