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5 African Strongest Currencies in 2021

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African economies face balance of payment problems and poor terms of trade. Most of them import more things than they export from European, Asian and American markets.

Such imports include industrial goods, technology, food stuffs, expatriates and capital with exports to these markets mainly being cheap labor and raw materials.

This makes African currencies weaker than the currencies of their counterparts since Africans demand more of a foreign currency than African currencies demanded by foreigners.

However some African currencies have kept their head held high and their currencies have remained strong supported by their relevantly good economies.

Below are the top 5 strongest African currencies compared to the US dollar

1. Tunisian Dinar (1 USD = DT 2.87) Tunisia took over Libya as the strongest African currency.  North African country is on spot for taking up position two despite the recent COVID-19 demonstrations and a struggling economy.

2. Libyan Dinar (1 USD = LD 4.54)
The Libyan Dinar has maintained its solid position for quite many years as the strongest currency as compared to the dollar. Despite the ongoing conflict after the toppling of the longtime ruler Muammar Gaddafi, the North African country has maintained a low turnover of its currency to the US dollar

3. Ghanaian Cedi (1 USD = GH 5.49)
Ghanaian currency is the leading within the sub-Sahara Africa but still appears in position three after Libya’s Dinar and Tunisia’s Dinar.

4. Moroccan Dirham (1 USD = MAD 9.20)
Morocco has in many years pegged its currency at 60% to the Euro and 40% to the USD. Morocco also enjoys doing direct trade with various European nations given its closeness to Europe.

5. Botswana Pula (1 USD = P 11.6)
The strength of the Pula is a result of the country’s exemplary economy and political structure.

Poor living standards and a dwindling national economy have been the major contributing factors to the crippling currencies in African continent according to research carried out.

Read also: Weakest African Currencies in 2021

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