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At any point pondered which African countries has the most Highest Currencies in Africa? I will tell you in this article where we will show probably the most elevated monetary standards in Africa. The African landmass is home to 54 countries with different Currencies . Here we will just rundown the best 10 most grounded nations in Africa.
We will contrast these nations’ monetary standards and the US dollar since it is the most grounded money on the planet.
Allow us to begin our commencement of Countries with the most noteworthy money in Africa.
Top 10 Highest Currencies in Africa
Highest Currencies in Africa
Here are the List of Highest Currencies in Africa as of .
|Country||Currency Name||Exchange Rate|
|Tunisia||Dinar||$1 = 2.86|
|Libya||Dinar||$1 = 4.53 ل.د|
|Ghana||Cedi||$1 = GH₵ 6.03|
|Morocco||Dirham||$1 = DH 8.99|
|Botswana||Pula||$1 = 11.32P|
|Seychellois||Seychellois Rupee||$1 = SRe 12.92|
|South Africa||Rand||$1 = R 15.27|
|Eritrea||Nakfa||$1 = Nfk 15.00|
|Egypt||Egyptian Pound||$1 = E£ 15.71 or ج.م 15.71|
|Zambia||Kwacha||$1 = ZK 17.20|
- Current Exchange Rate: $1 = 2.86 د.ت
The dinar (Arabic: دينار, French: Dinar, ISO 4217 currency code: TND) is the currency of Tunisia. It is subdivided into 1000 milim or millimes (ملّيم). The abbreviation DT is often used in Tunisia, although writing “dinar” after the amount is also acceptable
(TND is less colloquial, and tends to be used more in financial circles); the abbreviation TD is also mentioned in a few places, but is less frequently used, given the common use of the French language in Tunisia, and the French derivation of DT
(i.e., Dinar tunisien).The dinar (Arabic: دينار, French: Dinar, ISO 4217 currency code: TND) is the currency of Tunisia. It is subdivided into 1000 milim or millimes (ملّيم). The abbreviation DT is often used in Tunisia, although writing “dinar” after the amount is also acceptable
(TND is less colloquial, and tends to be used more in financial circles); the abbreviation TD is also mentioned in a few places, but is less frequently used, given the common use of the French language in Tunisia, and the French derivation of DT (i.e., Dinar tunisien).
- Current Exchange Rate: $1 = 4.53 ل.د
The dinar (Arabic: دينار dīnār) is the currency of Libya. Its ISO 4217 code is “LYD”. The dinar is subdivided into 1,000 dirham (درهم). It was introduced in September 1971 and replaced the pound at par.
Itis issued by the Central Bank of Libya, which also supervises the banking system and regulates credit. In 1972, the Libyan Arab Foreign Bank was established to deal with overseas investment.
Ali Mohammed Salem, deputy governor of Central Bank of Libya stated the exchange rate of Libyan dinar would be pegged to special drawing rights for one to three years, according to an interview to Reuters on 27 December 2011.
- Current Exchange Rate: $1 = GH₵ 6.03
The Ghanaian cedi (currency sign: GH₵; currency code: GHS) is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp).
After independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. The new republic’s first independent currency was the Ghanaian pound (1958-1965).
In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimal system. The African name Cedi (1965-1967) was introduced in place of the old British pound system.
Ghana’s first President Dr. Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence.
The cedi bore the portrait of the President and was equivalent to eight shillings and four pence (8s 4d), i.e. one hundred old pence, so that 1 pesewa was equal to one penny.
After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. The “new cedi” (1967–2007) was worth 1.2 cedis, which made it equal to half of a pound sterling (or ten shillings sterling) at its introduction.
Decades of high inflation devalued the new cedi, so that in 2007 the largest of the “new cedi” banknotes, the 20,000 note, had a value of about US$2. The new cedi was gradually phased out in 2007 in favor of the “Ghana cedi” at an exchange rate of 1:10,000.
By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa. It has since fallen to about 20% of its original purchasing power when the currency was redenominated.
- Current Exchange Rate: $1 = DH 8.99
The Moroccan dirham (Arabic: درهم, romanized: dirham, Moroccan Arabic: درهم, romanized: drhm; Berber languages: ⴰⴷⵔⵀⵎ, romanized: adrhm; sign: DH; code: MAD) is the official monetary currency of Morocco.
It is issued by the Bank Al-Maghrib, the central bank of Morocco. One Moroccan dirham is subdivided into 100 centimes (cents).
The word dirham derives from the Greek currency, the drachma. The Idrissid dirham, a silver coin, was minted in Morocco under the Idrisid dynasty from the 8th to 10th centuries.
Before the introduction of a modern coinage in 1882, Morocco issued copper coins denominated in falus, silver coins denominated in dirham, and gold coins denominated in benduqi.
From 1882, the dirham became a subdivision of the Moroccan rial, with 500 Mazunas = 10 dirham = 1 rial.
When most of Morocco became a French protectorate in 1912 it switched to the Moroccan franc. The dirham was reintroduced on 16 October 1960.
It replaced the franc as the major unit of currency but, until 1974, the franc continued to circulate, with 1 dirham = 100 francs. In 1974, the centime replaced the franc.
- Current Exchange Rate: $1 = 11.32P
The pula is the currency of Botswana. It has the ISO 4217 code BWP and is subdivided into 100 thebe. Pula literally means “rain” in Setswana, because rain is very scarce in Botswana—home to much of the Kalahari Desert—and therefore valuable and a blessing. The word also serves as the national motto of the country.
A sub-unit of the currency is known as thebe, or “shield”, and represents defence. The names were picked with the help of the public.
The pula was introduced on 23 August 1976, subsequently known as “Pula Day”, replacing the rand at par. One hundred days after the pula was introduced, the rand ceased to be legal tender in Botswana.
- Current Exchange Rate: $1 = SRe 12.92
The rupee is the currency of the Seychelles. It is subdivided into 100 cents. In the local Seychellois Creole (Seselwa) language, it is called the roupi and roupie in French. The international currency code is SCR.
The abbreviation SR is sometimes used. By population, Seychelles is the smallest country to have an independent monetary policy. Several other currencies are also called rupee.
South African Rand
South African Rand
- Current Exchange Rate: $1 = R 15.27
The rand (sign: R; code: ZAR) is the official currency of South Africa. It is subdivided into 100 cents (sign: “c”).
The South African rand is also legal tender in the Common Monetary Area member states of Namibia, Lesotho and Eswatini.
Although these three countries each have their own national currency (the dollar, the loti and the lilangeni respectively), all three have been pegged with the rand at par since their introductions, and the rand is still widely accepted as a substitute for them.
The rand was also legal tender in Botswana until 1976, when the pula replaced the rand at par.
- Current Exchange Rate: $1 = Nfk 15.00
The nakfa (ISO 4217 code: ERN; Tigrinya: ናቕፋ naḳfa, Arabic: ناكفا nākfā) is the currency of Eritrea and was introduced on 8 November 1997 to replace the Ethiopian birr at par.
The currency takes its name from the Eritrean town of Nakfa, site of the first major victory of the Eritrean War of Independence. The nakfa is divided into 100 cents.
The nakfa is pegged to the US dollar at a fixed rate of USD 1 = ERN 15. At earlier times, it was officially pegged at USD 1 = ERN 13.50.
The currency is not fully convertible, so black market rates available on the streets typically offered a rate of 15 nakfas per dollar.
Between 18 November and 31 December 2015, the Bank of Eritrea began replacement of all nakfa banknotes.
The banknote replacement initiative was designed to combat counterfeiting, the informal economy but primarily Sudanese human traffickers who had accepted payments in nakfa banknotes in exchange for transporting would-be migrants primarily to Europe.
A consequence of this was substantial amounts of the country’s currency existed in vast hoardings outside of Eritrea.
The plan to replace the country’s currency was top secret and designed to prevent human traffickers bringing their funds back in time to exchange for the new banknotes.
On 1 January 2016 the old nakfa banknotes ceased being recognized as legal tender, rendering external stockpiles of currency worthless.
The current series of banknotes is the artwork of an Afro-American banknote designer, Clarence Holbert, and printed by German currency printer Giesecke & Devrient.
- Current Exchange Rate: $1 = E£ 15.71 or ج.م 15.71
The Egyptian pound (Egyptian Arabic: جنيه مصرى Genēh Maṣri [ɡeˈneː(h) ˈmɑsˤɾi]; sign: £, E£, L.E. ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastres, or ersh (قرش ʔeɾʃ; plural قروش [ʔʊˈɾuːʃ]), or 1,000 milliemes (مليم [mælˈliːm]; French: millième).
The Egyptian pound is often abbreviated to LE or L.E. (livre égyptienne in French), E£ and £E are also commonly used. The Arabic name genēh is derived from the guinea unit of account in sterling, which was close in value to 100 piastres at the end of the 19th century.
In 1834, a khedival decree was issued, adopting an Egyptian currency based on a bimetallic standard (gold and silver) on the basis of the Maria Theresa thaler, a popular trade coin in the region.
TheEgyptian pound, known as the geneih, was introduced, replacing the Egyptian piastre (ersh) as the chief unit of currency. The piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para.
In 1885, the para ceased to be issued, and the piastre was divided into tenths (عشر القرش ‘oshr el-ersh). These tenths were renamed milliemes (malleem) in 1916.
The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions.
Eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with E£1 = 7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound used a sterling peg at one pound and sixpence sterling to one Egyptian pound (£1Stg = E£0.975, or E£1 = £1/-/6Stg).
Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar, at a rate of E£1 = US$2.3. This peg was changed to E£1 = US$2.55555 in 1973 when the dollar was devalued.
The pound was itself devalued in 1978 to a peg of £1Stg = US$1.42857 (1 dollar = E£0.7). The pound floated in 1989. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect.
After exhausting all of its policies to support the Egyptian pound, the Central Bank of Egypt was forced to end the managed-float regime and allowed the pound to float freely on the 3rd of November 2016; the bank also announced an end to foreign exchange controls that day. The official rate fell twofold.
The Egyptian pound was also used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951.
It also circulated in Mandatory Palestine from 1918 to 1927, when the Palestine pound was introduced, equal in value to the pound sterling.
The National Bank of Egypt issued banknotes for the first time on 3 April 1899. The Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961.
- Current Exchange Rate: $1 = ZK 17.20
The kwacha (ISO 4217 code: ZMW) is the currency of Zambia. It is subdivided into 100 ngwee. The name kwacha derives from the Nyanja, Bemba, and Tonga language word for “dawn”, alluding to the Zambian nationalist slogan of a “new dawn of freedom”. The name ngwee translates as “bright” in the Nyanja language.
Prior to independence in 1964, the Rhodesia and Nyasaland pound was the legal tender of the short-lived British protectorate of Northern Rhodesia.
Banknotes of 10 shillings, 1, 5, and 10 pounds issued by the Central Africa Currency Board were in circulation, together with coins of ½, 1, 3, 6 pence, and 1, 2, 2½, and 5 shillings.
After independence, the Bank of Zambia issued the first Zambian currency, the Zambian pound, in 1964. The issued paper bills and coins were of similar denominations as these used before independence, except for the 10 pounds note, which was never issued by the Bank of Zambia.
A new design to depict the newly independent country’s history and struggle was adopted. The two currencies – the Rhodesia and Nyasaland pound and the Zambian pound, were allowed to circulate in parallel until December 15, 1965,
when the South Rhodesian pound bills and coins were withdrawn from circulation, except for the 3 pence coin which was allowed to circulate alongside its Zambian alternative for a brief period.
On July 1, 1966, the parliament approved the arrangements of the decimal currency system (Act 40 of 1966), changing the main currency unit to Kwacha, with one kwacha being equal to 100 ngwee.
The exchange rate was set to one kwacha equivalent to ten Zambian shillings, or one half of a Zambian pound. Thus, by January 16, 1968, all Zambian pound notes and coins were removed from circulation and replaced by the new kwacha notes, and ngwee coins.
The Zambian pound notes of 10 shillings, 1, and 5 pounds were changed into 1, 2 and 10 kwacha respectively, a note of 50 ngwee was issued to replace the old 5 shillings coin, alongside a new note of 20 kwacha.
Ngwee coins with the denominations of 1, 2, 5, 10, and 20 ngwee replacing the existing 1, 3, 6 pence, 1, and 2 shillings coins respectively. The Zambian pound notes, and coins ceased to be a legal tender on January 31, 1974.
At the very beginning, the kwacha was pegged to the pound sterling at a fixed rate of 1.7094 kwacha per 1 pound. Yet, after the devaluation of the US dollar on August 15, 1971, Zambia broke all its currency’s ties to the British monetary unit, and pegged the kwacha to the American monetary unit.
These reforms resulted in a reduction of the kwacha’s gold standard by 7.8%. A few months later, the British Chancellor of the Exchequer Anthony Barber, announced the demise of the Sterling area, and flotation of the sterling pound, causing Zambia to renounce the monetary privileges once enjoyed as a member state.
Throughout the years, the Zambian currency suffered high rates of inflation forcing the Bank of Zambia to introduce high value denominations in 2003, including 20,000 and 50,000 kwacha bills to facilitate transactions.
In 2013, a new, redenominated kwacha was introduced. The value of Zambian currency has continued to fall since redenomination; the exchange rate was 22 kwacha to one U.S. dollar on April 2021.
After the 2021 Zambian general election saw a defeat for Edgar Lungu, the currency’s depreciation was reversed; as of 27 August 2021 one U.S. dollar was exchanged for about 16 kwacha.
List of Highest Currencies in Africa
|Currency||ISO Code||Country||USD Rate|
|Swazi lilangeni||SZL||Eswatini (formerly Swaziland)||14.96|
|South African Rand||ZAR||South Africa||15.04|
|Sao Tome and Principe dobra||STN||Sao Tome and Principe||21.2|
|Cape Verdean escudo||CVE||Cabo Verde||95.34|
|South Sudanese pound||SSP||South Sudan||130.26|
|West African CFA franc||XOF||Benin||567.18|
|Central African CFA franc||XAF||Cameroon||567.18|
|Central African CFA franc||XAF||The central African Republic||567.18|
|Central African CFA franc||XAF||Chad||567.18|
|Central African CFA franc||XAF||Republic of the Congo||567.18|
|West African CFA franc||XOF||Cote d’Ivoire||567.18|
|Central African CFA franc||XAF||Equatorial Guinea||567.18|
|Central African CFA franc||XAF||Gabon||567.18|
|West African CFA franc||XOF||Guinea-Bissau||567.18|
|West African CFA franc||XOF||Mali||567.18|
|West African CFA franc||XOF||Niger||567.18|
|West African CFA franc||XOF||Senegal||567.18|
|West African CFA franc||XOF||Togo||567.18|
|Congolese franc||CDF||The Democratic Republic of the Congo||2015|
|Sierra Leonean leone||SLL||Sierra Leone||10595|
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