Top 10 African Currencies: That Are Stronger Than Naira

Top 10 African Currencies
Top 10 African Currencies

Introduction: Why Currency Strength Matters

The Nigerian Naira (₦), once considered a stable currency, has faced significant devaluation due to inflation, foreign exchange shortages, and economic mismanagement. But how does it compare to other African currencies?Top 10 African Currencies:

In this post, we uncover the Top 10 African currencies that are stronger than Naira, revealing not just their exchange rates, but also the economic systems and resources that support their strength.

Whether you’re a traveler, investor, or simply curious about the continent’s financial landscape, this guide offers a unique insight into Africa’s strongest currencies.


Why Is the Naira So Weak?

Before diving into the top contenders, it’s worth understanding why the Naira continues to struggle:

  • Inflation and currency printing: Excessive liquidity in the economy without matching productivity has weakened the currency.
  • Dependency on oil: Fluctuating oil prices directly impact Nigeria’s foreign reserves.
  • Low export diversification: Nigeria imports more than it exports (except crude oil), creating trade imbalances.
  • Parallel market rates: The wide gap between official and black market rates erodes trust in the currency.

Now, let’s examine the African currencies that outperform the Naira.


Top 10 African Currencies That Are Stronger Than Naira

Here’s a snapshot of the top currencies and their estimated exchange rate against the Nigerian Naira (₦), based on mid-2024 averages:

RankCurrencyCountrySymbolValue vs Naira (₦)
1Libyan DinarLibyaLYD₦950+
2Tunisian DinarTunisiaTND₦800+
3Ghanaian CediGhanaGHS₦720+
4Moroccan DirhamMoroccoMAD₦500+
5Botswana PulaBotswanaBWP₦470+
6Eritrean NakfaEritreaERN₦450+
7Seychellois RupeeSeychellesSCR₦420+
8South African RandSouth AfricaZAR₦380+
9Egyptian PoundEgyptEGP₦350+
10Namibian DollarNamibiaNAD₦380+ (pegged to ZAR)

Note: Exchange rates may vary with market conditions and monetary policy decisions. Always refer to official sources like XE or OANDA for real-time updates.


1. Libyan Dinar (LYD)

Despite political instability, the Libyan Dinar remains Africa’s most valuable currency. Backed by rich oil reserves and low population density, Libya maintains high foreign reserves per capita. Its official rate hovers around ₦950 to ₦1,000 per LYD.

Why it’s strong:

  • Oil-rich economy with low public debt
  • Limited reliance on imports
  • Controlled currency circulation

2. Tunisian Dinar (TND)

Tunisia’s diversified economy — based on agriculture, mining, and manufacturing — helps keep its currency competitive. The Tunisian Dinar exchanges at roughly ₦800+ per TND.

Key drivers:

  • Strong tourism and phosphate exports
  • Well-managed fiscal policies
  • Stable inflation compared to Nigeria

3. Ghanaian Cedi (GHS)

The Ghanaian Cedi continues to beat the Naira despite recent depreciation due to IMF interventions. 1 GHS fetches ₦720 or more, making it one of West Africa’s most robust currencies.

What keeps it strong:

  • Consistent reforms in banking and public finance
  • Gold, cocoa, and oil exports
  • Better transparency in monetary policy

Learn more about Ghana’s economy.


4. Moroccan Dirham (MAD)

The Dirham is among Africa’s most stable currencies due to Morocco’s industrial base and political stability. 1 MAD = ₦500+.

Strength factors:

  • Export-oriented industries (agriculture, textiles, automotive)
  • Tourism revenues
  • Low inflation rates

5. Botswana Pula (BWP)

The Pula is Africa’s model of macroeconomic discipline. At over ₦470 per BWP, Botswana’s financial policies have kept inflation and debt in check.

Success formula:

  • Diamond wealth managed through sovereign funds
  • Fiscal discipline and transparency
  • Pegged currency system with a trade-weighted basket

6. Eritrean Nakfa (ERN)

Although Eritrea is rarely in financial headlines, the Nakfa is pegged at around ₦450 per ERN. It’s tightly regulated, with low circulation and strict controls.

Factors contributing to its value:

  • Pegged exchange rate to the USD
  • Limited access to international markets
  • Restrictive economic model

7. Seychellois Rupee (SCR)

Tourism fuels Seychelles’ economy, giving the SCR a strong footing at ₦420+ per SCR.

Why it’s ahead:

  • High GDP per capita in Africa
  • Dynamic tourism recovery post-COVID
  • Forex earnings from fisheries and luxury services

8. South African Rand (ZAR)

The Rand is a key African currency in global trading and influences regional economies. As of 2024, 1 ZAR = ₦380+.

What supports the Rand:

  • Liquid capital markets
  • Mining and agricultural exports
  • Integration with global finance

Check the Reserve Bank of South Africa for current monetary policies.


9. Egyptian Pound (EGP)

Despite Egypt’s inflationary waves, the EGP outperforms the Naira at approximately ₦350+ per EGP.

Strength indicators:

  • Large diversified economy
  • Strategic Suez Canal revenue
  • Significant IMF support

10. Namibian Dollar (NAD)

The Namibian Dollar is pegged to the South African Rand, making it just as valuable. It holds a value of ₦380+, depending on market dynamics.

Peg advantage:

  • Linked to a more liquid and widely accepted currency
  • Stability through policy synchronization with South Africa

Key Takeaways: What Makes a Currency Strong?

Several factors make these currencies outperform the Naira:

  • Export strength (oil, minerals, tourism)
  • Low inflation and responsible fiscal policy
  • Currency control and transparent central banks
  • Stable political environment
  • Strong reserves and external debt management

While Nigeria has the potential to reclaim its financial stature, reforms must go beyond central bank interventions — addressing corruption, diversifying exports, and encouraging foreign investment are essential steps forward.


Final Thoughts

The Top 10 African currencies that are stronger than Naira tell a story of what’s possible when a country combines natural resources with sound economic management. From oil-rich Libya to tourism-driven Seychelles, each of these nations demonstrates strategic currency discipline that Nigeria can learn from.


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