Top 5 Strongest Currencies in Africa 2024

What are the top 5 strongest currencies in Africa?

A variety of currencies are used to represent the many economies found in Africa, but a select number are particularly notable because of their importance, durability, and dominance on the continent. Strong natural resource exports, responsible economic management, and low inflation rates are a few examples of variables that frequently support a nation's currency.

Below are the current top powerful five currencies in Africa:

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1. The Libyan Dinar (LYD)

Libya's oil resources are, by far, the most important resources of the country. The Central Bank of Libya is also concerned with the value of the national currency. One Libyan dinar will in the year 2024 be approximately equal to 0.21 US dollars.   

2. Tunisian Dinar (TND)

The Tunisian dinar (TND), supported by a diversified economy including industry, tourism, mining, and agriculture, is another strong currency in North Africa. The country is a sought-after trading partner because of its proximity to Europe, especially in sectors like electronics and automotive manufacturing. A dinar from Tunisia is worth around $0.32 in American dollars.

3. Moroccan Dirham (MAD)

The Moroccan Dirham (MAD) has a very diverse economy, which contributes to its reputation for stability and toughness. Morocco exports a lot of agricultural products and phosphates, and a significant amount of its foreign exchange earnings come from the growing tourism industry.

4. Ghanaian Cedi (GHS)

One of the most important currencies in West Africa is the GHS. Ghana is one of the world's top exporters of cocoa and gold, thus, despite the strains of inflation at the moment, the cedi has remained stable. Currently, the Ghanaian cedi is the second strongest currency in Africa, which equals $ 0.086 (US).

5. The Pula of Botswana (BWP)

Countless people presume that the Botswana Pula (BWP), the currency of Botswana, is a discount at best because of the country’s prosperous diamond mining industry and prudent fiscal policies—the Pula disequilibriums. The economy of Botswana is well managed with a good record of governance, little to no corruption, and economic growth. 1 Botswana Pula is equal to $ 0.074 USD.