Africa’s 10 most powerful currencies

While Africa may not have the strongest currencies in the world, several countries on the continent have more powerful currencies than South Africa.  

The exchange rate between currencies can make a country an attractive or unattractive destination for people to travel to. Strong currencies can make costs in another country higher than they could be in a country with a weaker currency.

Here is a look at the most powerful currencies from various states on the African continent.

AFRICA’S MOST POWERFUL CURRENCIES

That said, here are the African countries with the strongest currencies in 2024. This list is based on each country’s exchange rate against the US Dollar, courtesy of real-time data on 27 February 2024.

Data from Google Finance and Forbes Advisor was used to compile the list below.

List of strongest currencies in Africa. Source: Forbes Advisor

BENEFITS OF STRONG CURRENCIES

Business Insider Africa says that it is beneficial for a country to have a stable and strong national currency.

Indeed, a strong currency attracts foreign investors seeking stable and reliable opportunities.

INVESTOR CONFIDENCE

Investors want to be able to put their money in places where they feel confident.

Furthermore, stronger currencies are more likely to increase the confidence of potential investors, for making investments in a country.

Foreign investors are also more likely to invest in countries with strong currencies, as they stand to gain higher returns on their investments.

RISING COSTS

A strong currency increases the purchasing power of both individuals and businesses in a country. It makes imported goods cheaper.

The rising value of the US Dollar has been a problem for many African governments in recent years as this makes items purchased in USD more expensive in many countries.

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