Despite the huge deposits of different natural cum human resources all over Africa, the continent remains the headquarter of poverty in the world.
Most US and European aids end up in Africa. Some of the factors that have contributed to the backwardness and poor economic growth in Africa includes corruption, bad government, inadequate enrollment for basic education among others.
Despite these challenges facing Africa and Africans as a continent, there are some African countries that have made tremendous improvements and advancements both economically and otherwise.
These African nations stand among the best places to visit in Africa and have the best economies and strongest currencies on the continents.
US dollar is world most widely accepted currency and is mostly used to measure how strong or weak nations currencies are.
In this post Nigeria Informer will be enumerating ten Africa’s strongest currencies in no particular order.
This post will be highly significant to investors willing to explore African nations as well as travelers and immigrants who are in search of better standard of living within African continent.
Strongest Currencies In Africa
The west African nation of Ghana rich in solid minerals like cocoa and gold enjoy one of most stable economies in Africa.
The former British colony is ranked as one of fastest developing countries in the world. The nation has successfully transited to different democratic government and administration.
Some of its major source of wealth apart from solid minerals resources such as gold and cocoa includes automobile and tourism. 1 US dollar exchanges to 4.75 Ghana cedes.
The former British colony is often regarded as landlocked South African nation. Botswana’s major source of foreign exchange and income includes agriculture produce, copper, diamond, textile and livestock.
It is one of the most economic viable countries in Southern Africa. Botswana currency is called Pula. 10.7 Botswana Pula exchanges for 1 US dollar.
Libya is one of Africa’s biggest oil producing countries. Crude oil account for Libya’s major export earnings.
Though since the death of its Supreme leader Muammar Gaddafi, the country has not been stable politically.
However, high influx of immigrants continues to be witnessed in Libya due to its strong currency.
$1 exchanges to 0.77 Libyan dinar while 1 Libyan dinar exchanges for about a whopping N225.With this exchange rate, Nigerians wouldn’t stop trying and making their ways to Libya.
The north African nation prides its export earnings on tourism, mining and textile. Morocco is 5th largest economy in Africa.
The code of Moroccan Dirham is “MAD”. The country runs a liberal and capitalist economy which encourages individual’s ownership of means of production.
It is one of most economic stable nation on the continent. 16.2 MAD goes for 1 US dollar, while 1MAD goes for about N33.
To many, civilization started in Egypt. Also famous for its pyramids which is regarded as one of the seven wonders of the world.
The capital of Egypt is Cairo and is one of Africa biggest and most beautiful cities. Tourism is one of Egypt major export earnings. 1 US dollar goes for about 17.8 EGP.
Small island nation of Eritrea is not quite popular in Africa. It is small island nation carved out of Ethiopia.The currency of Eritrea is called Nafka. 1 US dollar goes for about 15 Eritrea Nafka.
South Africa Rand
South Africa is the only African nation in G-20 economic group and this is not by coincidence. It is most vibrant and strongest African economy.
South Africa economy comes second after Nigeria as biggest Africa economy. Popular satellite television DSTV, Telecom giant MTN, Franchise store Shoprite are some of South Africa biggest businesses.
It is a leading country in Africa in terms of infrastructure and basic amenities. It is also most visited African nation.It is a country rich in gold and industrialization. 1 US dollar exchanges for about 13.4 rand.
Sudan used to be one of Africa biggest oil producers until South Sudan became an independent nation after series of civil war.
Despite the political turmoil witnessed at Sudan, the nation’s currency remains strong and stable and it is one of the strongest on the continent.
1 US dollar equals 6.41 Sudanese pounds, while one 1 Sudanese pounds goes for about N47.63.
Zambia is Africa biggest copper producer. Copper is the major source of foreign exchange for Zambia.
Its currency kwacha has remained strong despite country’s political instability. 10 Zambian Kwacha goes for 1 US dollar.
Another North African nation on the list is Tunisia. Tunisia sources of foreign exchange includes oil, tourism, agriculture and manufacturing.
It is a Muslim dominated island with a very good standard of living. With its stable economy, unemployment rate in Tunisia is one of the lowest on the continent. 1 US dollar exchanges for 2.4 TND.