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[tarik]

Top 10 African countries with the strongest currencies in May 2025
Chinedu Okafor
27 May 2025 10:55 AM

Given that the world economy still seems volatile, African countries must begin to understand the importance of strong currencies as vital instruments for long-term economic growth and resilience, as well as symbols of national pride.

Business Insider Africa presents the top 10 African countries with the strongest currencies in May 2025.
This list is courtesy of the Forbes currency calculator.
The Tunisian Dinar ranks number 1 on the list.
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With ongoing wars across the globe and issues such as tariff hikes, the strength of a country’s currency has become more pronounced in the dynamic world of international trade.

While some countries struggle with declining currency values, others have done a great job in strengthening their legal tender.

As of April 2025, the Tunisian Dinar is Africa's strongest currency, valued at around 2.95 TND per US dollar.

DON’T MISS THIS: List of African countries turning to gold to shield against currency depreciation

Tunisia's strength is ascribed to its tightly managed foreign exchange rules and relatively stable economic environment.

This country’s currency, alongside the currencies of countries such as Libya, Morocco, and Botswana, has in recent history been typically sturdy.

Likewise, some currencies on the African continent have been in the last few years, have been very feeble.

SEE HERE: Top 10 African countries with the weakest currencies in April 2025

However, in recent months, there have been some positive developments, including the recovery of the Ghanaian currency, the Cedi.

Recent reports indicate that Ghana, in its last fiscal month, saw some economic relief as its currency strengthened.

Ghana cedi
During the review period, the Ghanaian cedi helped to reduce import costs.

In essence, much like Ghana, many African countries rely heavily on imports for essential goods like fuel, machinery, pharmaceuticals, and even food.

A weak currency means that these imports become significantly more expensive, worsening inflation and eroding the purchasing power of citizens.

Currency strength is frequently seen as an indication of economic stability and prudent fiscal management.

With that said, here are the strongest currencies currently, according to the Forbes currency converter, last updated on the 26th of 2025.

For this month,the countries in the top 10 recorded signifiant improvements.

The currency value for Tunisia, Libya, Botswana, Morocco, Ghana, and Seychelles compared to the month prior, all increased.

While the currency value for South Africa, Nambia and Lesotho reduced. Eritrea, remained the same.

The Ghanaian Cedi improved dramatically, going from 15.46 cedi per dollar to13.20, ousting Seychelles, Eritrea and Botswana for the 4th spot.

In contrast, the South African rand fell from the 8th spot to the 10th spot below Nambia and Lesotho, despite going from 18.62 rand per dollar in April to now 17.88.

This underscores just how well African currencies performed in May

Top 10 African countries with the strongest currencies in May 2025
Rank Country Currency value per US$ Currency
1. Tunisia 2.97 Tunisian Dinar
2. Libya 5.43 Libyan Dinar
3. Morocco 9.17 Moroccan Dirham
4. Ghana 13.20 Ghana Cedi
5. Botswana 13.38 Botswanan Pula
6. Seychelles 14.21 Seychellois Rupee
7. Eritrea 15.00 Eritrean Nakfa
8. Namibia 17.83 Namibian Dollar
9. Lesotho 17.83 Lesotho Loti
10. South Africa 17.88 South African Rand
Chinedu Okafor
Chinedu Okafor
Chinedu is a Senior Reporter at Business Insider Africa with 5 years experience creating profoundly engaging and insightful content.

[Digital Weyane]

እንኳን የጌታችን ኤሚሬትስ ብር ጠንካራ ሆነልን እንጂ የኢትዮጵያ ብር ምንም ያህል ደካማ ወይም የውጪ ምንዛሬው ዝቅ ያለ ቢሆን ምንም ችግር የለም።

[Abere]

This does not tell how prosperous or rich a given country is. Currency value in US dollar does not necessarily tell that. If the economy of a country is isolated, locked out, not investing in capital infrastructure, not active and agile in national development projects with high rate of return on investment, not dynamic in international trade, then that country's economy is a hand-to-mouth (subsistence level) or even below that. That country is sitting out, not in the intense global market competition. For instance, out of the below list, only South Africa is a developed economy. The rest are as dirt poor as the other many Africans. The poorest on the list is Eritrea.

Example, $1 USD = 144.31 Japanese Yen. But, none of these tiny hand-to-mouth subsistence economy Africans are close to Japan. Japan is among the rich.

tarik, Eritrea is nomadic and still in the barter economy stage; 1 camel = 10 goats.

Rank Country Currency value per US$ Currency
1. Tunisia 2.97 Tunisian Dinar
2. Libya 5.43 Libyan Dinar
3. Morocco 9.17 Moroccan Dirham
4. Ghana 13.20 Ghana Cedi
5. Botswana 13.38 Botswanan Pula
6. Seychelles 14.21 Seychellois Rupee
7. Eritrea 15.00 Eritrean Nakfa
8. Namibia 17.83 Namibian Dollar
9. Lesotho 17.83 Lesotho Loti
10. South Africa 17.88 South African Rand

[tarik]

This does not tell how prosperous or rich a given country is. Currency value in US dollar does not necessarily tell that. If the economy of a country is isolated, locked out, not investing in capital infrastructure, not active and agile in national development projects with high rate of return on investment, not dynamic in international trade, then that country's economy is a hand-to-mouth (subsistence level) or even below that. That country is sitting out, not in the intense global market competition. For instance, out of the below list, only South Africa is a developed economy. The rest are as dirt poor as the other many Africans. The poorest on the list is Eritrea.

Example, $1 USD = 144.31 Japanese Yen. But, none of these tiny hand-to-mouth subsistence economy Africans are close to Japan. Japan is among the rich.

tarik, Eritrea is nomadic and still in the barter economy stage; 1 camel = 10 goats.

Rank Country Currency value per US$ Currency
1. Tunisia 2.97 Tunisian Dinar
2. Libya 5.43 Libyan Dinar
3. Morocco 9.17 Moroccan Dirham
4. Ghana 13.20 Ghana Cedi
5. Botswana 13.38 Botswanan Pula
6. Seychelles 14.21 Seychellois Rupee
7. Eritrea 15.00 Eritrean Nakfa
8. Namibia 17.83 Namibian Dollar
9. Lesotho 17.83 Lesotho Loti
10. South Africa 17.88 South African Rand

Galla-Abere, you are angry,Because your failed state ethiopia is not on the list.

[Affable]

tarik, that is why Ethiopians are fleeing their country to Eritrea in thousands. My mistake it is the other way around.

[Abere]

There are more South Africans living in Asmara than Eritreans in Johnsburg, because Eritrean currency strong and its economy is healthy and vibrant. According to the camel herding and barter economist, tarik.

tarik forgets the fact that Ethiopia is the U.S. of Eritrea and Eritrea the Cuba of Ethiopia. But, Eritrea is a province - I just used for simple comparison. I am not preaching about undocumented migrants from Eritrea to Ethiopia

tarik, that is why Ethiopians are fleeing their country to Eritrea in thousands. My mistake it is the other way around.

[Zmeselo]

Currency
Understanding The Factors Behind Africa’s Strongest Currencies

By Amy Botha

https://furtherafrica.com/2024/10/21/un ... urrencies/

October 21, 2024



Africa comprises 54 nations with a rich history and abundant resources. It has some of the strongest currencies in the world, like the Tunisian dinar, the Libyan dinar, and the Moroccan dirham. While the Moroccan dirham benefits from strong ties to Europe, others are tied to global markets like oil and gold, reflecting the mixed economies of Africa’s nations.

Here’s a closer look at the most valuable currencies in Africa in 2024 and what factors have contributed to their strength.

Tunisian Dinar (TND)

Exchange Rate: $1 = 3.06 TND

The Tunisian dinar, Africa’s strongest currency, was introduced in 1958 after Tunisia gained independence from France. The nation has built a robust economy and maintains an excellent trade policy based on agricultural and oil exports.

The Tunisian government enforces strict regulations on the conversion of the dinar, which has been a critical factor in maintaining its strength. However, like other currency pairs, such as EUR-USD, the TND can be traded on the global forex markets.



Libyan Dinar (LYD)

Exchange Rate: $1 = 4.79 LYD

The Libyan dinar is second on Africa’s most robust currencies list. It was adopted as Libya’s official currency in 1971. Like its North African sibling, Tunisia, Libya is rich in oil and many natural resources, such as Gold, which makes up the bulk of its exports. The Libyan economy grew strong to the point where it became Africa’s strongest currency.

However, geopolitical events over the last decade, especially internal conflict and lower oil prices, have pushed the Libyan dinar lower on the ranking. It is still known for its relative stability and a lower volatility index than many other regional currencies.

Moroccan Dirham (MAD)

Exchange Rate: $1 = DH 9.85

Morocco is another North African country with a robust economy dominated by manufacturing and exports. The Moroccan dirham (MAD) official currency is Africa’s third most valuable legal tender. It is considered a closed currency and was historically a subdivision of the Moroccan peso.

Morocco benefits from King Mohammed VI’s economic vision and policies, which have strengthened the dirham’s value and developed trading relations with international partners. The local industries are heavily supported to ensure stability. Due to easier trade with the EU, Morocco’s close geographical ties to Europe also contribute to the dirham’s strength.

Botswana Pula (BWP)

Exchange Rate: $1 = 13.36P

Botswana, a landlocked country in Southern Africa, comes fourth with its official currency, the Pula. The Botswana Pula became the legal tender in 1976, replacing the South African Rand as Botswana sought more control of its economy. Although the Pula’s value is linked to a basket of currencies, it is considered the strongest in the southern African region thanks to its massive trade balances; Botswana exports $5.9 billion and imports $5.0 billion.

Seychelles Rupee (SCR)

Exchange Rate: $1 = SRe 14.75



The Seychelles rupee (SCR) is among Africa’s top five most valuable currencies. The island nation consists of 115 isles in the Indian Ocean off the coast of East Africa and has become a global destination spot for travelers and fun seekers. The rupee was introduced in 1977 and is currently exchanged at 14.75 SCR per 1 USD.

The Seychelles rupee has remained relatively stable after experiencing modest growth over recent years. As one of the stronger currencies in Africa, it benefits from the country’s small, open economy that depends on tourism and fishing.

Eritrea Nakfa (ERN)

Exchange Rate: $1 = 15.00 ERN

Moving to East Africa, the exotic Eritrean nakfa, backed by Eritrea’s agriculture-driven economy, is one of Africa’s most valuable and stable currencies. Eritrea has gradually built its economy over many decades, focusing on agriculture and benefitting from the Bisha Mine, a significant producer of gold and copper in Africa. The stability of the Eritrean nakfa over the years comes from the government’s commitment to a fixed exchange rate.

Ghanaian Cedi (GHS)

Exchange Rate: $1 = GH₵ 15.96

Ghana comes in at seventh with its reformed cedi. The Ghanaian cedi, with an exchange rate of 15.96 GHS to 1 USD, is divided into pesewas units. In 1965, the cedi replaced the Ghanaian pound at a rate of 2.4 to 1. A significant change occurred on July 1, 2007, when the currency was redenominated, with the new Ghanaian cedi (GHS) replacing the old cedi (GHC) at a rate of 1 new cedi to 10,000 old cedis.

The cedi remains one of Africa’s stronger currencies, with a current value of approximately $0.0804 per Ghanaian cedi (GHS).

South African Rand

Exchange rate: $1 = R17.58

Coming in at number eight is Africa’s most widely traded and 8th most traded currency globally: the South African rand (ZAR). South Africa’s economy is highly interconnected with the global market, and its influence extends to neighboring countries like Lesotho, Namibia, and Eswatini, which have pegged their currencies to the rand.

The value of the ZAR is closely tied to the price of gold, South Africa’s primary export. Key industries such as mining, tourism, and financial services support the country’s economy. However, political instability within South Africa often leads to fluctuations in the exchange rate.



Namibian Dollar (NAD)

Exchange rate: $1 = N$17.58

According to the latest rankings, Namibia’s dollar is the ninth strongest currency in Africa, with a value of 17.58 NAD per US dollar. It is pegged to the South African rand at a fixed exchange rate of 1 ZAR = 1 NAD, though it can fluctuate slightly, typically by ± 0.01. Namibia’s economy is primarily driven by the mining, manufacturing, agriculture, and tourism sectors.

Despite its mineral wealth, including diamonds, uranium, copper, and gold, Namibia remains one of the poorest countries in Africa. The economy significantly relies on revenue generated from commodity exports.

Lesotho Loti (LSL)

Exchange rate: $1 = 17.58 L

Lesotho is a landlocked country in the heart of South Africa. The Lesotho loti is one of the most stable currencies on the continent. The small nation relies on agriculture, manufacturing, and mining for local and international trade. According to the World Bank, the small nation’s economy grew by 0.9% in 2023, mainly driven by the public sector and construction.

The Secrets Behind Africa’s Most Successful Currencies

Geopolitical events and global economic developments are key factors influencing the performance of African currencies. The development of local industries and a gradual shift from dollar-denominated investments are essential areas that African governments are exploring to become more self-sustaining.