Top 10 Most Expensive Currencies in Africa

Top 10 Most Expensive Currencies in Africa

Currency– The term refers to any generally accepted medium of exchange for goods and services, issued by the government of a particular country. Before the introduction and spread of coins and paper money starting from the 3rd century, the basic form of currency in Africa was imported clothes, cowry shells, copper, iron, and many more.

A country’s currency is highly significant because it contributes to its economic potential and equally increases its economic performance. Over time, African currencies, like every other country have experienced a great currency slide and have risen above it from time to time. Africa’s capacity in the Global market space is determined by the comparison of one currency to the other. This also has great effects on the currency demand in the global market.

There are several factors that determine whether or not a country’s currency is strong. Some of these factors include Economic policies, interest rates, and currency stability.

This article will highlight the top 10 most expensive currencies in Africa, comparing each currency with the US dollar. The US Dollar is the strongest and most stable currency in the world. This is the reason for our comparison choice.

What is the most expensive currency in Africa?

The Tunisian Dinar is the most expensive currency in Africa.

1 Tunisian Dinar = 0.33 US Dollar

See the full list below.

Top 10 Most Expensive Currencies in Africa

10. Egyptian Pound

9. Eritrean Nakfa

8. South African rand

7. Seychellois Rupee

6. Zambian kwacha

5. Botswanan Pula

4. Moroccan Dirham

3. Ghanian Cedi

2. Libyan Dinar

1.Tunisian Dinar

10. Egyptian Pound

Currency Symbol: £E

Currency Code: EGP

The Egyptian Pound is also known as Genēh Maṣri. It is the official currency of Egypt. The pound is a paper currency available in denominations of 200, 100, 50, 20, 10, 5, 1, and 50 and 25 piasters. Its coins are equally available in denominations of 1 EGP and 50, 25, and 10 piasters.

The currency was introduced as Egypt’s basic monetary unit in 1914 when the national monetary system was upgraded into standard paper money. One Egyptian Pound is equal to 0.054 US dollars.

The Egyptian Pound is the 10th most expensive currency in Africa.

9. Eritrean Nakfa

Currency Symbol: Nfk

Currency Code = ERN

The Eritrean Nakfa derives its name from a town in the country-Nakfa town. The possible reason for naming the currency after the country’s popular town is because it is the site of the first major victory of the Eritrean Independence war fought in the country.

The Nakfa banknote was designed by an Afro-American banknote designer- Clarence Holbert (from the United States Bureau of Engraving and Printing, 1994).

1 Eritrean Nakfa = 0.066 US Dollar

The currency is available in denominations of 1, 5, 10, 20, 50, and 100Nfk.

8. South African Rand

Currency sign: R

Currency Code: ZAR

The South African rand is the 8th on the list of top 10 most expensive currencies in Africa. However, it is not just the official currency for South Africa. It is also the official currency in Namibia, Lesotho, and Eswatini.

The currency wasn’t introduced until 1961 when the country became a republic. South African Rand replaced Round Sterline as legal tender in S.A. It is available in R 10, R 20, R 50, R 100, and R 200 bills and 5c, 10c, 20c, 50c. R 1, R 2, R 5 coins.

One South African Rand is equal to 0.064 US dollars.

7. Seychellois Rupee

Currency Symbol: SR, SRe

Currency Code = SCR

The Republic of Seychelles is not only known for its top vacation spot- Seychelles Island. It is also one of the countries with the most expensive currencies in Africa. The East African country has an independent monetary policy that still surprises a lot of people, considering its small size.

The country’s official legal tender is the Seychellois Rupee and it is the 5th strongest currency in Africa.

The bank notes are available in 10, 25, 50, 100, and 500 Rupees respectively.

1 Seychellois Rupee = 0.76 US Dollars

6. Zambian Kwacha

Currency symbol: ZK

Currency Code: ZMW

The Zambian kwacha is among the top expensive currencies in the African continent. It is a decimal-type currency that was first issued in 1968 as a replacement for the Zambian pound. The currency was birthed by the Zambian Currency Act 1967.

Zambian Kwacha is only used in Zambia and can be divided into 100 Ngwee (Zambian coins). It is available in denominations of 2, 5, 10, 20, 50, and 100 ZK bank notes.

1 Zambian Kwacha = 0.58 US Dollar

5. Botswanan Pula

Currency Symbol: P

Currency Code: BWP

The Botswanan Pula is the official currency in Botswana, Southern Africa. The word “Pula” means rain in Botswana and it was used as the currency name because rainfalls are very rare in Botswana and are thus very valuable. So, in order to imply the value of the currency, Pula was used and is still in circulation to date.

Between 2000 and 2009, Botswana has introduced more denominations and may introduce others in years to come. Botswanan Pula is currently available in 10, 20, 50, 100, and 200 Pula respectively.

At the moment, 1 Botswanan Pula = 0.083 US Dollar

4. Moroccan Dirham

Currency Symbol: DH

Currency Code: MAD

The Moroccan Dirham is the official currency in Morocco. It was used in Arabia during the pre-Islamic era and was later introduced to Morocco in 1882. Before then, Morocco had used various currencies like Gold, Silver, and Copper coins and the Moroccan Franc.

However, the Moroccan Dirham became stable in the kingdom between 1960 and 1974. The currency is issued by the central bank of Morocco, the Bank Al-Maghrib.

1 Moroccan Dirham = 0.10 US Dollar

3. Ghanaian Cedi

Currency Symbol: GH¢, GH₵

Currency Code: GHS

The Ghanian Cedi is the legal tender in Ghana. It was introduced officially in 2007 after previous back and forth on many other currencies like the Ghanian pounds, shillings, and pence. Cedi is an African currency name that was introduced by Ghana’s first President Dr. Kwame Nkrumah in place of the British Pound system. Cedi was officially introduced in 1965.

The Ghanian Cedi is available in denominations of 5, 10, 20, 50, 100, and 200 GH₵.

1 Ghanaian Cedi = 0.13 US Dollar.

2. Libyan Dinar

Currency Symbol: LD

Currency Code: LYD

Libya is a country in North Africa with a very strong economy. It has one of the highest nominal per capita GDPs in the African continent.

Although the Libyan Dinar used to be the most expensive currency in Africa, it has been overtaken by the Tunisian Dinar as of May 24, 2022. It is the official currency in Libya and is only used in the country. The Libyan Dinar is issued by the Central Bank of Libya and is one of the strongest currencies in Africa.

Libya’s strong petroleum sector contributes to its currency strength as the revenue gotten from the oil sector is the main source of revenue in Libya.

1 Libyan Dinar = 0.21 US Dollar.

Libya remains the second most expensive currency in Africa at the moment.

1.  Tunisian Dinar- Most Expensive Currency in Africa

Currency Symbol: DT

Currency Code: TND

Tunisia is the northernmost country in Africa with a population of over 12 million. It is one of the countries that forbid the importation and exportation of the dinar; in fact, it is a criminal offense in the country. For citizens who want to travel, the currency can be converted into foreign currency before departing from the country.

Tunisian Dinar is the most expensive currency in Africa.

1 Tunisian Dinar = 0.33 US Dollar

Although the Tunisian Dinar is the most expensive currency in Africa, it is still not among the most expensive currencies on the world list.

Summary

Here’s a list of the top 10 currencies in Africa:

1. Tunisian Dinar

2. Libyan Dinar

3. Ghanian Cedi

4. Moroccan Dirham

5. Botswanan Pula

6. Zambian Kwacha

7. Seychellois Rupee

8. South African Rand

9. Eritrean Nakfa

10. Egyptian Pound