The vast continent of Africa boasts a rich tapestry of currencies, each with its own distinct worth and trading prowess. As we pit these currencies against the mighty US dollar, we witness a diverse range of values – some soaring high, while others dipping low.
Ever wondered what the strongest currency in Africa in 2023 is? The United Nations legally recognises approximately 180 currencies in the contemporary world. Some legal tenders are more valuable than others. The United States Dollar, commonly abbreviated as USD, is conventionally used to compare the value of different currencies globally.
The African currency ranking shows that the legal tenders of various countries differ in terms of value. Some countries have more valuable currencies than others, and the top 20 strongest ones are explored below.
20. Cape Verdean escudo (1 USD = 104.08 CVE)
- Country: Cape Verde or Cabo Verde
- Location: West Africa
- Legal tender: Cape Verdean Escudo
- Value against 1 USD: 104.08
Cape Verde escudo (CVE) is the official legal tender used in the island nation of Cabo Verde. This currency is issued by the Banco de Cabo Verde in denominations of 200, 500, 1,000, 2,000, and 5,000.
The CVE replaced the former national currency called the Cape Verde real, which was introduced by the Portuguese. Today, 1 USD trades for approximately 104.08 CVE.
19. Mozambican metical (1 USD = 63.84 MZN)
- Country: Mozambique
- Location: South-eastern coast of Africa
- Legal tender: Mozambican metical
- Value against 1 USD: 63.84
The Mozambique metical (MZM) is the national legal tender of the Republic of Mozambique. The word metical is derived from the Arabic word mithqal. In the colonial era, the nation used Mozambican escudo.
It later changed to the old metical MZM, which was then replaced with the new metical, MZN, in 2012. Today, 1 USD trades for about 63.84 MZN
18. Gambian dalasi (1 USD = 61.15 GMD)
- Country: Gambia
- Location: Coast of Western Africa
- Legal tender: Gambian dalasi
- Value against 1 USD: 61.15
The Gambian dalasi (GMD) is one of the African currencies with the highest value. It is the legal tender used in the nation of Gambia. The word dalasi was derived from the dala, a 5-franc coin, which was introduced in the country by Frenchmen. The dalasi was introduced in 1971, replacing the Gambian dollar. 1 USD trades for about 61.15 GMD.
17. Ethiopian birr (1 USD = 53.70 ETB)
- Country: Ethiopia
- Location: East Africa
- Legal tender: Ethiopian birr
- Value against 1 USD: 53.70
The Ethiopian birr (ETB) is issued by the National Bank of Ethiopia and is the official legal tender of the Federal Democratic Republic of Ethiopia.
The bank manages the value of the birr via the dirty float system. Today, 1 USD is equivalent to about 53.70 birr.
16. Mauritian rupee (1 USD = 46.76 MUR)
- Country: Mauritius
- Location: Off the eastern coast of Africa
- Legal tender: Mauritian Rupee
- Value against 1 USD: 46.76
The Mauritian rupee (MUR) was established as a currency in Mauritius in 1876 and started circulating in 1877. It is available in bills of 25, 50, 100, 200, 500, 1000, and 2000.
15. Mauritanian ouguiya (1 USD = 34.60 MRO)
- Country: Mauritania
- Location: Northwest Africa
- Legal tender: Mauritanian ouguiya
- Value against 1 USD: 34.60
The Mauritanian ouguiya (MRO) is the official legal tender of the African Republic of Mauritania. The ouguiya is among the unique legal tenders globally because it divides into five khoums, The currency is not divisible by units of 10 or 100. 1 USD is equivalent to about 34.60 MRO.
14. Egyptian pound – (1 USD = 30.90 MRO)
- Country: Egypt
- Location: Northeastern corner of Africa
- Legal tender: Egyptian pound
- Value against 1 USD: 30.90
In 1834, EGP replaced the Egyptian piastre. Today, 1 USD trades for about 30.90 EGP. The Egyptian pound’s symbol is E£.
13. São Tomé & Príncipe dobra (1 USD = 23.35 STD)
Country: São Tomé and Príncipe Island
Location: Off the west coast of Central Africa
Legal tender: São Tomé and Príncipe dobra
Value against 1 USD: 23.35
After 13 Years Hiatus São Tomé & Príncipe dobra (STD) is the official currency used in São Tomé & Príncipe. The island was colonised by the Portuguese between 1470 and 1975. During this period, escudos were used.
After independence, the country started using dobras. 1 USD trades for about 23.35 dobra.
12. Zambian kwacha (1 USD = 20.13 ZMK)
Country: Zambia
Location: Southern Africa
Legal tender: Zambian kwacha
Value against 1 USD: 20.13
The Zambian kwacha (ZMK) is issued by the Central Bank of Zambia and is the country’s official tender. Kwacha means dawn in the Nyanja language. In 1967, kwacha replaced the Zambian pound. 1 USD trades for about 20.13 kwacha.
11. Lesotho loti (1 USD = 18.53 LSL)
Country: Lesotho
Location: Southern Africa
Legal tender: Lesotho loti
Value against 1 USD: 18.53
Lesotho loti is the official legal tender of the Kingdom of Lesotho, and it can be subdivided into units of 100 called lisente. The South African rand is also common in this African kingdom because the loti is pegged to the rand. 1 USD trades for about 18.53 loti.
10. Eswatini lilangeni (1 USD = 18.52 SZL)
Country: Kingdom of Eswatini
Location: Southern Africa
Legal tender: Eswatini lilangeni
Value against 1 USD: 18.52
The Eswatini lilangeni (SZL) is the official legal tender used in the Kingdom of Eswatini, formerly known as Swaziland. The money in circulation is issued by the Central Bank of Eswatini.
SZL was introduced in 1974 and is pegged to the South African rand. 1 USD trades for about 18.52 SZL.
9. South African rand (1 USD = 18.48 ZAR)
Country: South Africa
Location: South Africa
Legal tender: South African rand
Value against 1 USD: 18.48
The South African Rand is the ninth strongest legal tender on the continent. The word rand was derived from Witwatersrand, a word that means white waters ridge. The rand was introduced in the country in February 1961. 1 USD trades for about 18.48 ZAR.
8. Namibian dollar (1 USD = 18.46 NAD)
Country: Namibia
Location: Southern Africa
Legal tender: Namibian dollar
Value against 1 USD: 18.46
In 1990, Namibia started using the South African rand (ZAR) as the official legal tender. However, this changed in 1993 when the Namibian dollar (NAD) was introduced. 1 USD trades for about 18.46 NAD.
7. Eritrean nakfa (1 USD = 15 ERN)
Country: Eritrea
Location: Eastern Africa
Legal tender: Eritrean nakfa
Value against 1 USD: 15.00
Eritrea has one of the strongest currencies in Africa. 1 USD trades for about 15.00 ERN. The country’s official legal tender, the nakfa, was introduced in 1997.
6. Botswana pula (1 USD = 13.36 BWP)
Country: Botswana
Location: Southern Africa
Legal tender: Botswana pula
Value against 1 USD: 13.36
The Botswana pula (BWP) is one of the top 20 highest currencies in Africa. Pula means rain or blessing. The country is growing relatively fast, and its currency is gaining more value. 1 USD trades for about 13.36 BWP.
5. Seychellois rupee (1 USD = 13.05 SCR)
Country: Seychelles
Location: Northeast of Madagascar
Legal tender: Seychellois rupee
Value against 1 USD: 13.05
Seychelles takes the fifth position on the list of African currencies with the highest value. This legal tender started circulating in the country as early as 1914. The Central Bank of Seychelles issues the rupees. 1 USD trades for about 13.05 SCR.
4. Ghanaian cedi (1 USD = 12.22 GHC)
Country: Ghana
Location: West Africa
Legal tender: Ghanaian cedi
Value against 1 USD: 12.22
The Ghanaian cedi (GHC) is the official legal tender of the Republic of Ghana. It was introduced on 1st July 2007, and cedi means cowry shell in the Akan language. 1 USD trades for about 12.22 GHC.
3. Moroccan dirham (1 USD = 10.44 MAD)
Country: Morocco
Location: North Africa
Legal tender: Moroccan dirham
Value against 1 USD: 10.44
The Moroccan dirham (MAD) is the money circulating in Morocco and is issued by Bank al-Maghrib. One dirham is subdivided into 100 centimes or cents. Bank notes are available in denominations of 20, 50, 100, and 200. 1 USD trades for about 10.44 MAD.
2. Libyan dinar (1 USD = 4.85 LYD)
Country: Libya
Location: North Africa
Legal tender: Libyan dinar
Value against 1 USD: 4.85
The Libyan dinar (LYD) was introduced in 1971. Before then, the nation used Libyan pounds. During colonisation, Libya used the French Ottoman piastre. Presently, 1 USD is equivalent to 4.85 LYD.
1. Tunisian dinar (1 USD = 3.15 TND)
Country: Tunisia
Location: Northern Africa
Legal tender: Tunisian dinar
Value against 1 USD: 3.15
The Tunisian dinar (TND) is the highest currency in Africa in 2023. 1 USD trades for about 3.15 TND. Tunisia is located on the Mediterranean coast of Northern Africa, and in 1960, TND replaced the French franc.
