Despite being rich in natural resources, the country grapples with economic instability, high inflation, unemployment, inadequate infrastructure and a weak currency.
Meanwhile, several African currencies are thriving and outperforming the Naira.Here are 10 African currencies stronger than the Naira.
1. Tunisian Dinar
This is Africa’s strongest currency. Tunisia has strong trade ties with Europe and this benefits them greatly. They have a controlled foreign exchange policy and a stable economic framework.
2. Libyan Dinar
Despite political instability, Libya’s currency remains strong. The country’s massive oil reserves support the Dinar’s high value.
3. Moroccan Dirham
The Moroccan Dirham remains one of Africa’s most stable currencies. Morocco’s diversified economy, covering tourism, agriculture, and manufacturing, ensures steady currency performance.
The Botswana Pula is one of Africa’s most resilient currencies. Botswana has successfully implemented sound economic policies while maintaining substantial foreign reserves.
5. Seychellois Rupee
The Seychellois Rupee benefits from a thriving tourism sector and prudent fiscal management. Seychelles, a small island economy, has strategically leveraged its natural attractions to attract foreign investment.
6. Ghanaian Cedi
The Ghanaian Cedi has experienced fluctuations due to inflation and external debt challenges. However, Ghana’s economy anchored in cocoa, gold, and oil has shown signs of recovery, supported by IMF interventions and fiscal tightening measures.
Eritrea’s government maintains strict control over foreign exchange transaction and while this limits economic growth and foreign investment, it has helped the Nakfa remain relatively stable.
8. South African Rand
South Africa’s deep financial markets and well-developed banking system contribute to the Rand’s prominence. The South African Rand is the continent’s most widely traded currency.
9. Namibian Dollar
The Namibian Dollar is pegged to the South African Rand, mirroring its fluctuations. Asides that, Namibia benefits from strong governance and a mining-driven economy, which help sustain currency stability.
10. Lesotho Loti
Similar to Namibia, Lesotho’s Loti is also pegged to the South African Rand. While the peg ensures stability, Lesotho remains economically dependent on South Africa. Still, the Loti holds more value than the Naira.With 54 countries in Africa, where exactly does the Naira fall? The bottom 15.
By Joshua Tosin Ogunsakin 