Africa, a continent of 54 diverse countries, is home to some of the world’s most underdeveloped nations.
Amidst this backdrop, the continent showcases a rich tapestry of currencies, with the Tunisian dinar (TND) currently recognized as the most valuable currency in Africa, closely followed by the Libyan dinar (LYD).
Historically, African currencies have undergone a significant transformation. Initially, the monetary system was rooted in basic items, materials, animals, and even people, serving as mediums of exchange within local communities.
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This bartering system reflected the resources and needs of the localities across the continent.
The advent of the 17th century marked a pivotal shift as European colonial powers began to extend their influence into Africa, introducing their monetary systems to the regions they occupied.
This imposition of foreign currencies initiated a gradual departure from the traditional bartering system, laying the groundwork for the modern monetary systems observed in African countries today.
Despite adopting these modern currencies, inflation remains a persistent challenge, often fueling a demand for more stable but typically prohibited foreign currencies.
In rural areas, however, the age-old bartering system continues to thrive, underscoring the resilience of traditional economic practices amidst modern challenges.
As of March 1, 2019, the Libyan dinar (LYD) was noted as the strongest currency in Africa, a status that reflects not only the country’s economic conditions but also the complex dynamics of currency valuation on the continent.
The valuation of the Tunisian dinar (TND) against the US dollar, at an exchange rate of 0.32 dinars to one dollar, further highlights the diverse economic landscapes within Africa.
Here is a full list of African countries, currencies.
1. Algeria – Dinar (DZD)
2. Angola – Angolan Kwanza (AOA)
3. Benin – CFA Franc (XOF)
4. Botswana – Pula (BWP)
5. Burundi – Burundi Franc (BIF)
6. Burkina Faso – CFA Franc BCEAO (XOF)
7. Cameroon – CFA Franc BEAC (XAF)
8. Cape Verde – Cape Verde Escudo (CVE)
9. Central African Republic – CFA Franc BEAC (XAF)
10. Chad – CFA Franc BEAC (XAF)
11. Comoros – Comoros Franc (KMF)
12. Cote d’Ivoire – CFA Franc BCEAO (XOF)
13. DR Congo – Francs (CDF)
14. Djibouti – Djibouti Franc (DJF)
15. Egypt – Pound (EGP)
16. Equatorial Guinea – CFA Franc BEAC (XAF)
17. Eritrea – Eriterian Nakfa (ERN)
18. Ethiopia – Birr (ETB)
19. Gabon – CFA Franc BEAC (XAF)
20. Gambia – Dalasi (GMD)
21. Ghana – Cedi (GHS)
22. Guinea – Franc (GNF)
23. Guinea-Bissau – Guinea-Bissau Peso (GWP)
24. Kenya – Shillings (KES)
25. Lesotho – Loti (LSL)
26. Liberia – Dollar (LRD)
27. Libya – Dinar (LYD)
28. Madagascar – Malagasy ariary (MGA)
29. Malawi – Kwacha (MWK)
30. Mali – CFA Franc BCEAO (XOF)
31. Mauritania – Ouguiya (MRO)
32. Mauritius – Rupees (MUR)
33. Morocco – Dirham (MAD)
34. Mozambique – Metical (MZN)
35. Namibia – Dollar (NAD)
36. Niger – CFA Franc BCEAO (XOF)
37. Nigeria – Naira (NGN)
38. Republic of the Congo – Franc BEAC (XAF)
39. Rwanda – Franc (RWF)
40. São Tomé and Principe – Dobra (STD)
41. Senegal – CFA Franc BCEAO (XOF)
42. Seychelles – Rupees (SCR)
43. Sierra Leone – Leone (SLL)
44. Somalia – Shillings (SOS)
45. South Africa – Rand (ZAR)
46. South Sudan – Pound (SSP)
47. Sudan – Pound (SDG)
48. Swaziland – Lilangeni (SZL)
49. Tanzania – Shillings (TZS)
50. Togo – CFA Franc BCEAO (XOF)
51. Tunisia – Dinar (TND)
52. Uganda – Shillings (UGX)
53. Zambia – Kwacha (ZMW)
54. Zimbabwe – Dollar (ZWD).
