Libyan dinar was made famous by the late leader Mummar Gaddafi. Libya is known for its vast deposit of crude oil. Oil accounts for the 95% of country’s export, and account for 60% of its GDP. Although the country is ravaged by war, the standard of living is not as bad as the rest of Africa’s top producing oil.
The Tunisian dinar comes second after Libyan dinar. Tunisia has a diversified economy based on phosphate, oil, car parts manufacturing, tourism, and agro food products. The average living standard in this relatively on the prime side with minimum wage. The economy is stable and thriving high with a small populace. It’s very interesting to note that the unemployment rate is 14%.
With a diversified economy based on hydrocarbon, agriculture, tourism, solid minerals, and automobiles among others, Ghana was ranked the fastest growing economy in the world. Its economy was famous during the peak of gold boom and cocoa.
The Moroccan Dirham is the de-facto medium of exchange in the Western Sahara region. This make it one the strongest currency in Africa.
Botswana has a relatively stable democracy with a strong economy. Traders in the Johannesburg Stock Exchange, which is the largest in Africa, trade with this currency.
Being the largest producer of copper in Africa, Zambian Kwacha has an attractive value. The currency is likely to fluctuate because copper is a commodity. This depends on the stability of the copper prices on the global market.
Good monetary policy, is among the reason why this currency is among the strongest in Africa.
The gold has been determining the value of ZAR for many years because it was the country’s main export. Some southern African countries currencies like the Namibian Dollar, the Lesotho Loti and the Lesotho Lilarangeni are all pegged to the rand at the same rate, rand is among the African currencies used in Kenya. This can lead rand to volatility as it linked to the rest of the world.
The Eritrean Nakfa has enjoyed some stability over the years because this country’s government does not float the currency, instead, the government prefers the stability of fixed exchange rate.
The Egyptian pound has been in use unofficially in Sudan and the Gaza strip making it to gain value over last years.
Because of the influx economic activities, Sao Tome currency is among the strongest in Africa.
Conservative monetary policies and considerable foreign exchange reserve is among the factor Ethiopian Birr is among the strongest in Africa.
Mauritius uses its foreign reserves to stabilise its currency in times of volatility.
Ouguiya is the only legal tender that does not have a unit based on divisions of ten.
Sudanese pound has been facing volatility because of political instability in the region and inflation.
Gambian Dalasi was adopted by Gambia in 1971. It is among the most volatile in Africa because it does not have important commodities or natural resources to trade.
Mozambican Metical has been enjoying some rise of value since 2015 because of some economic gains since then.
Escudo has been on rise because of the steady economic growth since 1994. However, this country lack enough resources to sustain the steady economy, it relies mostly on service industry.
Over the decade, the Kenyan currency has been weakening in relation to US dollar because of political uncertainty and poor economic policies. Despite this, the currency is the strongest in East Africa because it circulates in Somalia and South Sudan.
This currency has been losing value in the forex market because of the country’s political uncertainty and poor monetary policies in the country. This has contributed to high inflation in the country.