Most Nigerians are guilty of one assumption—the thinking that Nigeria’s standards represent Africa’s standards. Like many other Africans from Nigeria, I’ve always rated Africa using the Nigerian state of affairs as a parameter. For instance, I’ve always assumed that every African currency is as bad or good as the Nigerian Naira (pardon my arrogant ignorance).
And so, I was quite humbled to recently realise from one of my African friends here in Sweden that his country’s currency (the Ethiopian Birr) currently exchanges at less than 125 per US Dollar. Not believing my Ethiopian friend, I ran to Google to confirm his claims and was shocked at what I saw. I was shocked not because I didn’t expect any African currency to measure up to the US Dollar (in fact, I believe Africa has what it takes to outdo the West in Economy), but because of my wrong assumption that every African currency is as bad as the currency of Nigeria. This country prides itself as the Giant of Africa.
As we count down to the end of 2024, I think it’s appropriate to look up current data on the value of African currencies across states. The last time we did a similar review here at Biografrica, in October 2022, Zambia’s Kwacha was the best performer for the year, while the Ghanaian Cedi was the worst. Has anything changed? You will find out from this post.
After painstakingly calculating the exchange rate between the USD and each of the African currencies via Forbes Currency Converter, below are my findings on the best and worst-valued currencies in Africa in 2024. Let’s start with the worst ten currencies which as of the 22nd of December 2024 are:
- Sao Tome’s Dobra (STD) which exchanges at 22,222 STD per 1 USD
- Sierra Leonean Leone (SLL) which exchanges at 20,833 SLL per 1 USD
- Guinean Franc (GNF) which is exchanged at 8,620 GNF per 1 USD
- Madagascar’s Malagasy Ariary (MGA) which exchanges at 4,694 MGA per 1 USD
- Ugandan Shilling (UGA) which exchanges at 3,649 per 1 USD
- Burundian Franc (BIF) which was exchanged at 2,941 per 1 USD
- Tanzanian Shilling (TZS) which exchanges at 2,364 per 1 USD
- Malawian Kwacha (MK) which exchanges at 1,727 per 1 USD
- Nigerian Naira (NG) which exchanges at 1,545 per 1 USD\
- Rwandan Franc (RWF) which exchanges at 1,388 per 1 USD
On the other hand, the top ten strongest currencies in Africa as of the 22nd of December 2024 are:
- Tunisian Dinar (TND) which is exchanged at approximately 3 TND per 1 USD
- Libyan Dinar (LYD) which is exchanged at approximately 5 LYD per 1 USD
- Moroccan Dirham (MAD) which is exchanged at approximately 10 MAD per 1 USD
- Botswana’s Pula (BWP) which exchanges at approximately 13.7 BWP per 1 USD
- Seychelles’ Rupee (SCR) which exchanges at approximately 13.9 SCR per 1 USD
- Ghanaian Cedi (GHS) which is exchanged at approximately 14.6 GHS per 1 USD
- Eritrean Nakfa (ERN) which exchanges at approximately 14.9 ERN per 1 USD
- Swazi’s Lilangeni (SZL) which exchanges at approximately 18.332 SZL per 1 USD
- & 10. spots are shared by Lesotho’s Loti (LSL) and Namibia’s Dollar (NAD) both of which exchanged at 18.336 per 1 USD.
As seen from the above exchange rates, Ghana’s Cedi has moved from being the worst-performing currency in 2022 to number six best currency in Africa in 2024. Meanwhile, Zambia’s Kwacha which we rated as the best in 2022 has lost its place among the best ten in Africa as it currently exchanges at 27 Kwachas per 1 USD.
While Tunisia would (most likely) end the year as the continent’s strongest currency, the most surprising (I dare say inspirational) performer from the above report is Libya. It’s relieving to know that the country’s economy is gradually recovering from the effects of the political instability that the country was plunged into, following the killing of its former head of state, Muammar Gaddafi, in 2011.
