Naira Gets New Ranking as Data Shows Top 10 Strongest Currencies in Africa in April 2025
- Some African currencies have emerged stronger than the Nigerian currency, the naira, in a new ranking for April 2025
- Data shows that 10 African countries have some of the strongest currencies against the US dollar
- The development follows the crash of the naira to a new low on Tuesday, April 22, 2025, in the foreign exchange market
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
As of April 2025, several African currencies have rebounded against the US dollar, showing various degrees of appreciation and resilience, monetary policies, and economic structure.
The strength of a country's currency is one of the key indicators of economic health and stability.
Source: Getty Images
Top African countries with the strongest currencies
These countries have maintained relatively stable monetary policies, keeping their currencies robust amid global tariffs imposed on nations by the US government.
Tunisian Dinar - 2.95/$
The North African country leads the list again, with the Tunisian Dinar remaining the strongest in Africa.
The Dinar’s resilience is due partially to the country’s tough exchange control regulations and efforts to control inflation, despite political and economic uncertainties.
Libyan Dina - 5.46/$
Despite Libya’s political challenges, the country’s currency remains strong, which is attributed to its vast oil reserves, which continue to act as a buffer to its economy.
Moroccan Dirham 9.24/$
The North African country’s stable macroeconomic environment, economic diversification, and sound monetary policy have allowed the Moroccan Dirham to retain its position and remain strong in the exchange rate market.
Morocco continues to attract investment, especially in renewable energy.
Botswana Pula - 13.77/$
The Pula remains one of the strongest currencies in Africa. The country relies heavily on diamond exports, which are balanced by robust monetary policy guidelines.
Seychellois Rupee - 14.22/%
The island country’s economy is tourism-reliant, supported by fisheries. However, its central bank has kept its inflation relatively low.
The Seychelles’ currency remains strong due to foreign exchange controls and a floating exchange rate regime that adapts to market realities.
Eritrean Nakfa - 15.00/$
Despite having a closed and heavily controlled economy, Eritrea’s fixed exchange rate has allowed its currency to remain relatively stable.
However, analysts say this strength is largely artificial and does not reflect the Nakfa’s true value on the black market.
Ghanaian Cedi - 15.46/$
The West African country’s currency has had its fair share of volatility, however, recent efforts, reforms and IMF support have helped to provide relative stability to the cedi.
South African Rand 18.62/$
The rand is influenced by global markets and investor sentiment as one of the most traded currencies in Africa.
Reports say that despite economic headwinds, the rand remains relatively strong due to its liquidity and the country’s financial sector.
Namibian Dollar - 18.77/$
The Namibian dollar is pegged to the South African Rand and mirrors South Africa’s strengths and weaknesses.
The peg ensures stability and exposes Namibia to external shocks affecting South Africa.
Lesotho Loti - 18.77/$
The country’s currency is also pegged to the South African rand, allowing it to facilitate trade and financial coordination within the Common Monetary Area (CMA).
It also means Lesotho’s currency is dependent on South Africa’s performance.
Source: Getty Images
The naira falls alongside the dollar
The development comes as the Nigerian currency depreciated in the official window on Tuesday, April 22, 2025, despite the dollar hitting a three-year low.
The Nigerian currency closed trading at N1,606 to a dollar from N1,600.50 it traded on Thursday, April 18, 2025.
The depreciation comes amid the decline in Nigeria’s foreign exchange reserves, which depreciated by $111.17 million to $37 billion.
Data from the Nigerian Foreign Exchange Market (NFEM) released by the Central Bank of Nigeria (CBN) shows that dealers quoted the dollar at a high of N1,610 and a low of N1,598.50.
Dollar crashes to 3-year low
Legit.ng earlier reported that the US dollar fell on Monday, April 21, 2025, to its lowest since March 2022 as investor confidence in the US economy crashed.
Reports say the dollar declined due to President Donald Trump’s attacks on Federal Reserve Chairman Jerome Powell.
Compared to other currencies, the dollar hit its lowest, trading at 97.923 on Monday, April 21, 2025.
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Source: Legit.ng
