It is not enough to have a nice-looking currency in today’s world. The play of economic concepts both on the local and international scenes lead to strong or weak currencies and some African currencies have shown this in 2019.
The strength of a currency is determined by a number of factors, including its supply and demand, market forces within the country, inflation and the foreign exchange market.
The United States dollar is considered one of the strongest currencies in the world and it’s, therefore, an appropriate benchmark with which to measure the strength of some African currencies.
In this article, we consider the strongest African currency in 2019.
1. The Libyan dinar
The Libyan dinar is the strongest currency in Africa based on its exchange rate to the US dollar and its purchasing power.
One US dollar currently exchanges for 1.38 Libyan dinars.
2. The Tunisian dinar
The Tunisian dinar is the second strongest currency in Africa.
One US dollar exchanges for 3.05 Tunisian dinar.
3. The Ghana cedis
Ghana is the only West African country to make it to this list of the top 8 countries with the strongest African currencies.
With 5.50 Ghana cedis for $1, it is the third strongest African currency.
4. The Moroccan dinar
The Moroccan dinar is the currency of Morocco and the fourth on the list. It currently exchanges at 9.55 Moroccan dinar to $1.
5. The Botswana Pula
Botswana’s official currency is the pula. It was introduced to replace the South African Rand.
The pula currently exchanges at 10.60 pula to $1 and placed fifth on the list.
6. The Zambian kwacha
The Zambian kwacha is the official currency in Zambia. It was introduced to replace the Zambian pound. The kwacha is the sixth on the list and exchanges at 11.98 kwacha to $1.
7. The Swazi Lilangeni
The Swazi lilangeni is the seventh strongest African currency. It currently exchanges at 13.99 lilangeni to $1.
8. The South African Rands
The South African rand was introduced to replace the South African pound.
Currently, the rand exchanges at 14.18 rands to $1. This places the country 8th among the list.