A currency is the legal exchange for goods and services in a country. The currency also reflects the current situation and strength of the economy of that country in comparison with other countries in the world.
The value of a currency in respect to another greatly determines the level of satisfaction a person derives from it. All African countries have a specific currency that it use as a legal tender to transact and for foreign exchange.
The list focus on the top 5 most valuable currency to the US dollar, which is rhe standard currency for international trade.
The dinar (Arabic: دينار) is the currency of Libya. Its ISO 4217 code is “LYD”. The dinar is subdivided into 1000 dirham (درهم). It was introduced in September 1971 and replaced the pound at par. It is issued by the Central Bank of Libya, which also supervises the banking system and regulates credit.
As the most valuable currency in Africa, the Libyan Dinar will cost you $0.83.
The runner-up currency is the currency of a country lying on the antic territory of Carthage, or as we know it today – Tunisia. The Dinar was introduced in 1960, and for all this time, hasn’t lost much of its value. Today you will get $0.56 for one Tunisian Dinar, which is, by the way, illegal to export or import. That is why there are so many ATMs in the country for tourists, as well as prices available in convertible currencies.
The currency holding the 3rd spot on our list has a very interesting story, or history to be exact. It has been revalued twice, so the current Ghanaian Cedi is in its 3rd rendition under the same name. The last revaluation came in 2007, and since then the Ghanaian currency has lost almost 50% of its value. Today, one Cedi will cost you $0.31.
It was also used as currency in South Sudan until finalization of the introduction of the South Sudanese pound. Both Arabic and English names for the denominations appear on the country’s banknotes and coins.
The first ever pound to circulate in Sudan was actually the Egyptian pound, which lasted until Sudan became an independent country. Today, one Sudanese Pound will get you $0.17.
Zambia has never been known as an economically successful country, but all of it changed in the year 2013.The country’s currency was revalued, and it will cost you $0.14 for one Kwacha in exchange at the moment. Once a colony of Northern Rhodesia, Zambia with its currency takes up 5th place in our list.