African Currencies – Without a question, a country’s currency strength says volumes about its economic situation and is a significant lens through which one may easily assess the living standards of its citizens in contrast to other countries of interest.
In this article, Nyscinfo examines the five African currencies with the greatest exchange rates versus the US dollar for the month of November 2021.
It’s worth noting that this list was compiled by translating the total of 1000 dollars in each of these currencies to US dollars.
1. Tunisian Dinar
The Tunisian Dinar, the currency of Tunisia in northern Africa, is at the top of the list. The currency is currently regarded as the strongest on the African continent.
According to Business Insider Africa, TND1000 is equivalent to $353.05 USD (N144, 969.39).
2. Libyan Dinar
Another North African country’s currency, the Libyan Dinar, is ranked second on this list.
Right now, LYD1000 will pay you $219.20. (N90, 007.90).
It is the second most powerful African country in terms of the value of a dollar of its currency.
3. Ghanaian Cedi
Ghana’s Cedi, a West African currency, is in third place.
The West African country, which has a population of over 31 million people, boasts the continent’s fifth-largest stock exchange and the third-largest in Sub-Saharan Africa.
According to Africa News, Ghana’s Cedi has the highest per capita GDP in West Africa.
When you convert GHS1000 to dollars, you get $164.74. (N67, 645.54).
4. Moroccan dirham
Morocco, another North African country, comes in fourth place.
When you convert Moroccan Dirham DH1000 to dollars (N45, 357.09), you get $110.46 (N45, 357.09).
Morocco now has the fourth-strongest currency in Africa.
5. Botswana Pula
Botswana Pula is the country’s currency, with a dollar conversion rate of BWP1000 to $88.22. (N 36,224.90).
It possesses Africa’s seventh most powerful currency.
Weakest currencies in Africa in 2021
The US dollar is worth 9797.40 of the country’s currency, according to Lowestcurrencies.com. Former slaves who returned to Africa created the country in 1787. Despite the country’s vast mineral wealth, the country’s economy is nothing to write home about.
Guinea is ranked second on the list, with a dollar exchange rate of 9665.68 for the country’s currency. The country, like Sierra Leone, is endowed with natural resources and fertile soil, as well as favorable weather for agricultural.
Source: Nyscinfo