Highest currency in Africa in 2024: Top 12 countries revealed
A currency value is determined by the supply and demand of goods or services in a market economy. The government regulates supply and demand factors through monetary and fiscal policy. A currency's value is important because it determines a country's economic performance. Which is the highest currency in Africa in 2024?
Source: UGC
Even though Nigeria has the continent's largest economy and the highest nominal GDP, dozens of African currencies are more valuable than the naira. Read on to discover the top 12 most valuable currency in Africa.
Highest currency in Africa in 2024
The currencies of these countries will be compared to the US Dollar, the world's strongest currency, and the Nigerian Naira, the local currency. These are the exchange rate as of November 8th 2023.
12. Egyptian Pound
Source: Getty Images
- ISO code: EGP
- Dollar exchange rate: 1 USD = 24.34 EGP
Egypt's national currency, the Egyptian Pound, has been used for over 200 years. Egypt is a populous African country in the continent's northeast. Egypt has one of the world's oldest economies, and its financial sector is one of the largest in Africa. One Egyptian Pound trades for about 18.07 Nigerian Nairas.
11. Lesotho Loti
Source: Getty Images
- ISO code: LSL
- Dollar exchange rate: 1 USD = 17.85 LSL
The Loti is the national currency of Lesotho. It was first issued as a non-circulating currency in 1966. LSL coins come in denominations of 1, 2, 5, 10, 20, and 50 lisente, as well as 1, 2, and 5 Loti. One Lesotho Loti trades for about 24.64 Nigerian Nairas.
10. Namibian Dollar
Source: Getty Images
- ISO code: NAD
- Dollar exchange rate: 1 USD = 17.85 NAD
The Namibian Dollar has been the currency of Namibia since 1993. The dollar replaced the South African Rand, which had been the country's currency while it was under South African rule from 1920 until 1990. One Namibian Dollar trades for about 24.64 Nigerian Nairas.
9. South African Rand
Source: Getty Images
- ISO code: ZAR
- Dollar exchange rate: 1 USD = 17.68 ZAR
South Africa has one of Africa's most powerful economies. Mining, tourism, and financial services are all important industries in the economy. Gold has been the country's primary export for many years. The rand is one of Africa's strongest currencies thanks to recent economic progress. One South African Rand trades for about 24.88 Nigerian Nairas.
8. Zambian Kwacha
Source: Getty Images
- ISO code: ZMW
- Dollar exchange rate: 1 USD = 16.30 ZMW
Zambia is a country in Southern Africa that is landlocked. The Zambian Kwacha is one of the world's best-performing currencies against the US dollar. Since 1967, the kwacha has undergone several structural changes to support economic activity while maintaining public trust in the national currency. One Zambian Kwacha trades for about 26.98 Nigerian Nairas.
7. Eritrean Nakfa
Source: Getty Images
- ISO code: ERN
- Dollar exchange rate: 1 USD = 15.00 ERN
Eritrea's currency is known as the Eritrean Nakfa. The Nakfa is one of Africa's most valuable currencies and Eritrea's official legal tender. It has remained stable over time due to the government's preference for a fixed exchange rate over floating the currency. One Eritrean Nakfa trades for about 29.31 Nigerian Nairas.
6. Seychellois Rupee
Source: Getty Images
- ISO code: SCR
- Dollar exchange rate: 1 USD = 14.42 SCR
Seychelles' currency is the rupee, which is divided into 100 cents. It employs the abbreviations SR, SCR, and SRe. It was introduced in 1914. After independence in 1976, new 10, 25, 50, and 100 rupee notes were introduced. One Seychellois Rupee trades for about 30.51 Nigerian Nairas.
5. Ghanaian Cedi
Source: Getty Images
- ISO code: GHS
- Dollar exchange rate: 1 USD = 14.23 GHS
Ghana is a country in West Africa. The country's economy is well-managed and constantly improving. The Cedi is the most powerful currency in Sub-Saharan Africa and the official currency in Ghana and Togo's northern region. One Ghanaian Cedi trades for about 30.92 Nigerian Nairas.
4. Botswana Pula
Source: Getty Images
- ISO code: BWP
- Dollar exchange rate: 1 USD = 13.24 BWP
Botswana's currency is the Pula which means "rain" or "blessing" because rain is scarce and valuable in the country. The Pula is constructed from 100 thebe, which means "shield." One Botswana Pula trades for about 33.22 Nigerian Nairas.
3. Moroccan Dirham
Source: Getty Images
- ISO code: MAD
- Dollar exchange rate: 1 USD = 10.91 MAD
The Moroccan Dirham is another strong African currency and Morocco's official monetary currency. How many units is the dirham divided into? The Dirham is divided into 100 units, known as santims. They are available in nine denominations of coins and four denominations of banknotes. One Moroccan Dirham trades for about 40.35 Nigerian Nairas.
2. Libyan Dinar
Source: Getty Images
- ISO code: LYD
- Dollar exchange rate: 1 USD = 5.00 LYD
The Libyan Dinar is one of Africa's most valuable currencies. Libya has abundant natural resources, including oil, gold, and silver. One Libyan Dinar trades for about 88.00 Nigerian Nairas.
1. Tunisia Dinar
Source: Getty Images
- ISO code: TND
- Dollar exchange rate: 1 USD = 3.22 TND
The Tunisian Dinar is the strongest African currency. It was introduced in Tunisia in 1960, replacing the Franc as the country's primary currency. Tunisia has a diverse economy that includes industry, agriculture, mining, petroleum products, and tourism, and it is one of Africa's most competitive economies. One Tunisia Dinar trades for about 136.70 Nigerian Nairas.
Currency ranking in Africa
Below is a table of the top 12 highest currencies in Africa.
| Currency | Country | ISO code | Exchange rate |
| Tunisia Dinar | Tunisia | TND | 1 USD = 3.22 TND |
| Libyan Dinar | Libya | LYD | 1 USD = 5.00 LYD |
| Moroccan Dirham | Morocco | MAD | 1 USD = 10.91 MAD |
| Botswana Pula | Botswana | BWP | 1 USD = 13.24 BWP |
| Ghanaian Cedi | Ghana | GHS | 1 USD = 14.23 GHS |
| Seychellois Rupee | Seychelles | SCR | 1 USD = 14.42 SCR |
| Eritrean Nakfa | Eritrea | ERN | 1 USD = 15.00 ERN |
| Zambian Kwacha | Zambia | ZMW | 1 USD = 16.30 ZMW |
| South African Rand | South Africa | ZAR | 1 USD = 17.68 ZAR |
| Namibian Dollar | Namibia | NAD | 1 USD = 17.85 NAD |
| Lesotho Loti | Lesotho | LSL | 1 USD = 17.85 LSL |
| Egyptian Pound | Egypt | EGP | 1 USD = 24.34 EGP |
Which currency is lower than the Naira?
The naira is the currency of Nigeria. It was introduced on 1 January 1973, replacing the Nigerian pound. Currencies lower than the naira include the Sudanese pound, the Comorian franc and the Somali shilling.
Which is the lowest currency in Africa?
What is the weakest currency in Africa? Sierra Leone has one of the lowest and weakest currencies in the world. One USD trades for about 17,655.00 Sierra Leonean Leone.
Which country has the highest currency in Africa?
Tunisia is currently the country with the most valuable currency. One USD trades for about 3.22 Tunisian Dinars.
Which country has the strongest currency?
Kuwait has the world's strongest currency. The country is in Western Asia and is one of the world's wealthiest. One USD trades for about 0.31 Kuwaiti Dinars.
You now know the highest currency in Africa. These currencies are widely used in Africa and have a stable exchange rate that is simple to convert.
READ ALSO: Top 12 travel agencies in Nigeria: services, locations, contacts
Legit.ng recently published an article on Nigeria's top 12 travel agencies. The primary role of any travel agency is to assist you in making your travel arrangements as simple and comfortable as possible. They will save you time and provide you with important travel information.
Travel agencies in Nigeria provide services such as organising tours to various parts of the world, visa processing, cheap flight booking, holiday packages, hotel reservations, car rentals, online services, and so on.
Source: Legit.ng
