Over the past three years, the value of the Nigerian Naira has been falling fast. In late 2014, it was less than 200 Naira to a Dollar. But now, a Dollar exchanges for about 360 Naira. Isn’t this terrible?
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Is this fall in the value of currency a general trend in Africa, or is it limited to Nigeria?
This post gives a list of 10 African currencies that are stronger than the Naira in 2018. These currencies are also some of the strongest and most valuable currencies in Africa. You may be surprised to find that some of them are not very far from the Dollar in value.
10 African Currencies That Are More Valuable Than The Nigerian Naira In 2018
In the list below, USD represents the United States Dollar, and NGN represents the Nigerian Naira.
1. Libyan Dinar (LYD)
The Libyan Dinar is currently the strongest currency in Africa. It is the official currency of Libya, and is quite close to the Dollar in value. A single Libyan Dinar is currently equivalent to 263.14 Naira.
1 USD = 1.37 LYD
1 LYD = 263.14 NGN
2. Tunisian Dinar (TND)
The Tunisian Dinar comes in as the second strongest currency in Africa. This obviously makes it more valuable than the Nigerian Naira. To get 1 Tunisian Dinar, you need 135.78 Naira.
1 USD = 2.65 TND
1 TND = 135.78 NGN
3. Ghanaian Cedi (GHS)
This currency is one that has always caused arguments between Nigerians and Ghanaians. In fact, the arguments have found their way into the Nigeria-Ghana “social media wars”. The truth is that, in terms of currency strength, Ghana currently beats Nigeria hands down. The current exchange rate is 75.26 Naira to 1 Ghanaian Cedi.
1 USD = 4.79 GHS
1 GHS = 75.26 NGN
4. Moroccan Dirham (MAD)
As shown by the name, this currency is officially accepted in Morocco. It is also one of the strongest currencies in Africa with one Moroccan Dirham going for 38.00 Naira.
1 USD = 9.49 MAD
1 MAD = 38.00 NGN
5. Zambian Kwacha (ZMW)
Zambia’s official currency – the Zambian Kwacha – is also more valuable than the Naira. You currently need 35.91 Naira to make 1 Zambian Kwacha.
1 USD = 10.01 ZMW
1 ZMW = 35.91 NGN
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6. Botswana Pula (BWP)
The official currency of Botswana is also one of those that surpass the Nigerian Naira in value. The exchange rate is currently 34.60 Naira to the Botswana Pula.
1 USD = 10.39 BWP
1 BWP = 34.60 NGN
7. South African Rand (ZAR)
No, the South African Rand is not the most valuable currency in Africa. But it sure ranks higher than the Nigerian Naira. 26.36 Naira is what currently makes 1 South African Rand.
1 USD = 13.64 ZAR
1 ZAR = 26.36 NGN
8. Eritrean Nakfa (ERN)
When Nigerians talk about Eritrea, it is usually in the sense of underdevelopment. It may interest you to know that this East African country’s currency is stronger than the Nigerian Naira. 23.99 Naira makes 1 Eritrean Nakfa.
1 USD = 14.99 ERN
1 ERN = 23.99 NGN
9. Egyptian Pound (EGP)
Egypt also falls among the countries whose currencies are stronger than the Naira. The country spends the Egyptian Pound which currently exchanges for 20.10 Naira.
1 USD = 17.89 EGP
1 EGP = 20.10 NGN
10. Sudanese Pound (SDG)
This is the official currency of Sudan, a country in North Africa. The Sudanese Pound also makes this list for being more valuable than the Nigerian Naira. At the moment, 1 Sudanese Pound goes for 20.03 Naira.
1 USD = 18.00 SDG
1 SDG = 20.03 NGN
So, in essence, here is the list:
10 African currencies that have more value than the Nigerian Naira
- Libyan Dinar (LYD)
- Tunisian Dinar (TND)
- Ghanaian Cedi (GHS)
- Sudanese Pounds (SDG)
- Moroccan Dirham (MAD)
- Zambian Kwacha (ZMW)
- Botswana Pula (BWP)
- South African Rand (ZAR)
- Eritrean Nakfa (ERN)
- Egyptian Pound (EGP)
Do you think the Nigerian Naira has any hope of gaining sufficient value anytime soon? Let us know in the Comment section below.
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Author: Vincent Abolarin
Vincent is a Nigerian blogger with special interest in the history and current happenings in the country. When he is not blogging, he enjoys reading and playing computer games.