O. R. SalahudeenTop 10 strongest currencies in Africa against the dollar currently
Here we intimate you with the Top 10 strongest currencies in Africa against the US dollar currently. These are essentially African countries with the strongest exchange rate against the dollar as at the time of compiling this write-up.
What is an exchange rate?
Exchange rate according to experts overviews could be summarised as the rate at which your country national money is exchanged for another country’s money.
Realistically, if your country is having higher value local currencies, it will surely make your country’s imports less expensive and your country’s exports expensive in international markets thereby enabling the country to get richer in the long run.
A country with a strong exchange rate against the dollar means the ability of your country’s currency purchasing power when converted to the dollar or another foreign currency in international trades.
Currently, the American dollar is the most popular and internationally accepted modality of exchange across the globe and it is the easiest currency you can use to measure exchange transactions all over the world.
HERE ARE THE TOP 10 STRONGEST CURRENCIES IN AFRICA AGAINST THE US DOLLAR CURRENTLY
1. TUNISIA DINAR: Tunisia an African Arab country located in North Africa currently parade the strongest exchange rate against the American dollar. Using 14th November 2021 rates as a yardstick indicates that Tunisia Dinar TND1000 is equivalent to USD353.04.
2. LIBYAN DINAR: Despite being a war-ravaged country with an unsettled national government, Libya a Northern African Arab country proudly parade the second strongest currency in Africa when compared against the American dollar. As at the 14th November 2021, Libya Dinar LYD1000 is equivalent to USD218.80, what’s a surprise.
3. GHANAIAN CEDI: Ghana a not too big West African English speaking country unsurprisingly parade the third strongest national currency in sub-continent Africa. Economically Ghana is assuming a reference point in West Africa due to sound management. As at the 14th November 2021, Ghana GHS1000 is equivalent to USD163.53, according to multiple sources.
4. MOROCCAN DIRHAM: That Moroccan currency is the fourth strongest in Africa doesn’t come as a surprise, in that Morocco in recent years has been persistently successful in managing its national economy. Morocco produces many exportable commodities thereby making its currency stronger by the day. As at the 14th November 2021 Moroccan DH1000 is equivalent to the American dollar USD109.52. Based on multiple sources
5. BOTSWANA PULA: Botswana a Southern African country and popularly known for Tourist attractions is equally emerging as an e-commerce centre in the continent is proudly parading the fifth strongest currency in Africa. Currently, the Botswana BWP1000 is equivalent to USD87.18, according to multiple sources.
6. SEYCHELLOIS RUPEE: Seychelles an African island country situated in the Indian Ocean northeast of Madagascar usually in the top 10 of positive things in Africa equally parade the sixth strongest currency in Africa. Currently, Seychellois SCR1000 is equivalent to USD73.21, according to multiple sources.
7. ERITREA NAKFA: Eritrea, an Eastern African country situated along the global busiest shipping routes is unsurprisingly parading the seventh strongest currency in Africa. Eritrea makes me believe that the smaller a country is in Africa the better its economic performance. As at the 14th November 2021, ERN1000 is equivalent to USD66.67. Based on multiple analyses.
8. NAMIBIAN DOLLAR: Namibia a coastal south-west African country sparsely populated but a large country made it to the list of African countries with the strongest currency exchange rate against the dollar. As at the 14th of November 2021, Namibian NAD1000 is equivalent to USD65.31 according to multiple sources.
9. SOUTH AFRICA: South Africa is a country that used to be a reference point in African economic performance, however, due to self-inflicted conflict occasioned by poor governance of the recent past administration, South Africa managed to make it to the 9th position of the list of an African country with the strongest currency. As at the 14th of November, 2021 South African ZAR1000 is equivalent to USD65.24, according to multiple sources.
10. ESWATINI LILANGENI: Eswatini a Southern African country formerly known as Swaziland despite the political upheaval currently ravaging the country proudly parading a national currency that is highly respected and made it to the top ten and almost at par with its big neighbour, South Africa. As at 14th November 2021, Eswatinia SZL1000 is equivalent to USD65.24, according to multiple sources
THE BOTTOM LINE ON THE TOP 10 STRONGEST CURRENCIES IN AFRICA AGAINST THE US DOLLAR
In compiling this article we are not oblivious of the fact that currencies exchange rates fluctuate rapidly, what obtained today may be marginally different before the close of the business same day. However, the changes are usually marginal and insignificant to the whole setup, therefore having the knowledge of different countries exchange rates help significantly in today’s world business transactions.
Summarising, the above analysis clearly shows that the Northern and Southern African countries are the powerhouse when talking about the African countries with the strongest currencies in Africa currently. Which is an indication that their economies are performing exceedingly well, equally it is an indication that the countries concerned are producing goods of various uses and values more than they import. Hence they are not importing dependency.
As the rates changes, we shall keep you posted periodically.
Related: