We present you the 10 Most Expensive Currencies in Africa!
Currencies in Africa became what they are today not so long ago, due to late economic development, the abolition of slavery, and European influence. Although a lot of things in Africa have changed for the better, especially from the seventeenth century, the economy is not among those things. Currencies are not used all over the continent. Instead, bartering, exchanging items, and haggling is very common and still holds a strong presence in many rural areas. We’re also not exactly sure how long the currencies holding their spot today will hold out in the future, as most of them aren’t very stable. Not so long ago we wrote about the 10 most expensive currencies in the world, so take a look, and see the difference between that list and today’s one.
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In Africa, inflation often creates a demand for more stable, but forbidden foreign currencies. Because most of the African countries achieved independence during the 20th century or so, such a thing is hard to manage, especially when these same countries have changed their currency from top to bottom. Let us not waste any more time on history lessons, but rather check out the 10 most expensive, or strongest currencies in Africa, shall we?
10. Eritrean Nakfa
The currency of Eritrea, a country you probably haven’t heard of before, lies in 10th place with its Nakfa. Eritrea split from Ethiopia in the early 90’s but in that little time the country managed to develop into having a currency of similar value to the South African Rand. One Eritrean Nakfa in exchange will give you $0.065.
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9. South African Rand
Over the past couple of years, the South African Rand has suffered an enormous devaluation, which has placed it at 9th place. At the moment, it is one of the weaker currencies when you look at the overall richest countries of the continent. What was once an expensive currency, today will cost you only $0.081.
8. Botswanan Pula
The currency of Botswana is Pula, which means “rain” in literal terms. The reason for that is that rain is very rare in Botswana, and so Pula is something very precious. A kind of a blessing. Not much more expensive than the Rand, but it has been holding that small advantage for some years now, it will cost you $0.10.
7. Moroccan Dirham
Just 3 years ago, the South African Rand was more valuable, stronger than the Moroccan Dirham. Now things have changed, with Morocco’s currency standing in #7. Morocco is a country with an unbelievably rich architectural heritage, and also a country rubbing shoulders with Europe, so to speak. Its currency is issued by the Bank Al-Maghrib, the central bank of Morocco, and one Dirham will cost you $0.11.
6. Egyptian Pound
Despite the long and exhausting political turmoil going on in Egypt, their pound has kept its stability to this day. One Egyptian pound will cost you $0.13, and we think it’s only a matter of time when it will overtake the currency ranked above it. For the moment, it holds the 6th place in our most expensive currencies in Africa list.
5. Zambian Kwacha
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.
4. Sudanese Pound
Similar in value to the Kwacha, the Sudanese Pound is our #4. 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.
3. Ghanaian Cedi
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. For some reason, we think it will not hold out long in the 3rd position, do you?
2. Tunisian Dinar
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.
1. Libyan Dinar
On top of our 10 Most Expensive Currencies in Africa list stands the Libyan Dinar. Similar to Egypt, politics is not in the best place in Libya, and maybe the only thing that is keeping things afloat is the country’s oil. The Dinar was introduced in September 1971, and is now issued by the Central Bank of Lybia. As the most valuable currency in Africa, the Libyan Dinar will cost you $0.83.
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