Africa’s Most Traded Currencies in 2020There is a significant misconception that the largest and most popular nations have the best currencies. This is false, especially when it comes to the African continent.
The currency of a country tells you a substantial amount about its economy as well as living standards of the people.
As diverse as the African continent and her countries are, so are the currencies which see high daily volumes of trade.
75% of retail CFD investors lose money
Tunisian Dinar (TND)
The Tunisian Dinar trades at around 2.70 TND for 1 USD. Tunisia was colonized by the French and the use of the French Franc as the main currency continued for years, until 1960, when the country replaced the franc with dinar after obtaining independence.
The monetary policy of the country allows for the export and import of dinars, or the convergence thereof to other currencies, allowing the dinar to be one of the highest traded currencies.
Botswana Pula (BWP)
The Botswana Pula trades at around 11.04 BWP for 1 USD. The Botswana Pula is an attractive currency as traders tend to favour it when trading on the Johannesburg Stock Exchange, the largest stock exchange in Africa.
US Dollar (USD)
The US Dollar is the most dominant currency which is traded more often than any other currency in the world, forming part of 88% of all trades.
Nigerian Naira (NGN)
The Nigerian Naira trades at around 396.67 NGN for 1 USD. The Central Bank of Nigeria is solely permitted to issue the Nigerian Naria, and it controls the volume of money which is supplied in the economy to ensure that there is monetary and price stability.
Seychellois Rupee (SCR)
The Seychellois Rupee trades at around 20.91 SCR for 1 USD. The Seychellois Rupee, the official currency of Seychelles, falls among the most traded currencies in Africa. It is divided into 100 cents and referred to as ‘Roupi’ in the local Creole language.
Egyptian Pound (EGP)
The Egyptian Pound trades at around 15.66 EGP for 1 USD. Egypt is a famous Arab nation which has been in existence since the biblical times. Egypt is famous for its pyramids and the Egyptian pound, as the local currency, is one of the most valuable in Africa.
Zambian Kwacha (ZMW)
The Zambian Kwacha trades at around 21.38 ZMW for 1 USD. As one of the most valuable and most traded currencies in Africa, the Zambian Kwacha is the local currency of Zambia, a landlocked country in South Africa.
South African Rand (ZAR)
The South African Rand trades at aroxund 15.34 ZAR for 1 USD. South Africa is one of the most developed democratic states in Africa and comes in eighth in the strongest currencies in Africa. South Africa is a vibrant and competitive economy and the only African member of the G20 economic group.
Kenyan Shilling (KES)
The Kenyan Shilling trades at around 110 KES for 1 USD. Next to the US Dollar, the South African Rand, Nigerian Naira, and others, the Kenyan Shilling is one of the most traded currencies in Africa.