According to the report, although country’s currency tells a lot about its economy and living standards of the people, there is a huge misconception that the biggest and most popular nations often have the best currencies.
Ghana cedi, 5 others emerge most valuable currencies in Africa, according to report
A report from DeyThere, a global magazine has listed the five most valuable African currencies in 2020.
It said in cases of Africa, the biggest and most popular nations often do not have the best currencies.
The Ghana cedi has emerged as part of the most valuable currency in Africa.
Recently, a Bloomberg report named the currency as the world’s best-performing currency against the dollar this year.
The report said, “The currency of the world’s second-biggest cocoa producer has strengthened 3.9% in 2020, the most among more than 140 currencies tracked by Bloomberg, a turnaround from last year when it weakened 13 percent.”
Here are the 5 most valuable currencies in Africa according to DeyThere report:
Libyan Dinar (1 USD = LD 1.41)
The Libyan Dinar emerged the strongest money in Africa. In Libya, the Central Bank of Libya has a programme that only sells a limited number of dollars to its citizens.
Tunisian Dinar (1 USD = DT 2.87)
Tunisia used the French Franc as its currency for many years. The country’s monetary policy to export or import dinars or convert them to other currencies has enabled the dinar to be among the highest in the continent. It was the second strongest.
Ghana Cedi (1 USD = GH₵ 5.49)
Despite all the changes made to the Ghana currency it still holds the number 3 spot in Africa.
Recently, a Bloomberg report named the currency as the world’s best-performing currency against the dollar this year. It is the third most valuable currency in Africa.
Moroccan Dirham (1 USD = MAD 9.89)
The Moroccan Dirham is the de-facto medium of exchange in the Western Sahara region. Its de-facto state makes it one of the highest currencies in Africa, emerging fourth on the list.
Botswana Pula (1 USD = P 10.90)
The currency serves as an attractive currency because traders trade it on the Johannesburg Stock Exchange, which is the largest stock exchange in Africa.
Zambian Kwacha (1 USD = ZK 13.14)
The Zambian Kwacha has an attractive value because the country is the largest producer of copper in Africa.
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