Tunisia’s Dinar tops Africa’s currency list, Malawi Kwacha among the weakest
The Tunisian dinar is Africa’s highest-valued currency against the US dollar, trading at approximately 3.01 dinars to the dollar, according to exchange-rate data compiled across the continent.
The Fellow Press reported on November 4 that the Libyan dinar ranked second, at about 6.41 to the dollar, followed by the Moroccan dirham at approximately 9.77 and the Ghanaian cedi at GH¢11.66.
Botswana’s pula, the Seychellois rupee and Eritrea’s nakfa also featured among the continent’s highest-valued currencies. The South African rand, Swazi lilangeni and Namibian dollar each traded at about 16.46 to the dollar.
The ranking is based on the number of units of local currency required to buy one US dollar. A lower figure indicates a higher nominal value per unit, but does not measure economic strength, living standards or purchasing power.
Exchange rate arrangements vary across the currencies. Tunisia’s dinar is tightly managed and not freely convertible. Libya’s dinar was devalued by 14.7 per cent in January 2026 amid political and fiscal pressures.
Morocco manages the dirham against a basket of the euro and US dollar, while Eritrea’s nakfa has an official fixed rate of 15 to the dollar under strict currency controls.
The Seychellois rupee, at about 13.9 to the dollar, is the only currency in the group that the International Monetary Fund classifies as floating. Its value is therefore more directly exposed to shifts in foreign exchange supply and demand, including changes in tourism receipts.
The South African rand is Africa’s most actively traded currency and is freely traded internationally. Eswatini’s lilangeni and Namibia’s dollar are pegged one to one to the rand through the Common Monetary Area.
Ghana’s cedi ranks fourth. Ghana’s economy grew by 6 per cent in 2025 as it recovered from a debt crisis, but the Bank of Ghana reported that the cedi had depreciated by 9.5 per cent against the dollar in the year to September 18, 2026.
The ranking reflects nominal exchange rates, which are shaped by historical decisions, redenominations and monetary arrangements, not economic size alone. The Tunisian dinar, for example, is worth more per unit than the South African rand, although South Africa has the larger and more diversified economy.
Malawi’s kwacha among Africa’s weakest
The Malawian kwacha sits near the other end of the continent’s nominal currency rankings. Business Insider listed it in September as Africa’s ninth weakest currency, while the São Tomé and Príncipe dobra ranked weakest.
The contrast illustrates the wide differences in nominal currency values across African economies. Such comparisons do not, by themselves, indicate differences in living standards or purchasing power.
The Fellow Press reported on November 4 that the Libyan dinar ranked second, at about 6.41 to the dollar, followed by the Moroccan dirham at approximately 9.77 and the Ghanaian cedi at GH¢11.66.
Botswana’s pula, the Seychellois rupee and Eritrea’s nakfa also featured among the continent’s highest-valued currencies. The South African rand, Swazi lilangeni and Namibian dollar each traded at about 16.46 to the dollar.
The ranking is based on the number of units of local currency required to buy one US dollar. A lower figure indicates a higher nominal value per unit, but does not measure economic strength, living standards or purchasing power.
Exchange rate arrangements vary across the currencies. Tunisia’s dinar is tightly managed and not freely convertible. Libya’s dinar was devalued by 14.7 per cent in January 2026 amid political and fiscal pressures.
Morocco manages the dirham against a basket of the euro and US dollar, while Eritrea’s nakfa has an official fixed rate of 15 to the dollar under strict currency controls.
The Seychellois rupee, at about 13.9 to the dollar, is the only currency in the group that the International Monetary Fund classifies as floating. Its value is therefore more directly exposed to shifts in foreign exchange supply and demand, including changes in tourism receipts.
The South African rand is Africa’s most actively traded currency and is freely traded internationally. Eswatini’s lilangeni and Namibia’s dollar are pegged one to one to the rand through the Common Monetary Area.
Ghana’s cedi ranks fourth. Ghana’s economy grew by 6 per cent in 2025 as it recovered from a debt crisis, but the Bank of Ghana reported that the cedi had depreciated by 9.5 per cent against the dollar in the year to September 18, 2026.
The ranking reflects nominal exchange rates, which are shaped by historical decisions, redenominations and monetary arrangements, not economic size alone. The Tunisian dinar, for example, is worth more per unit than the South African rand, although South Africa has the larger and more diversified economy.
Malawi’s kwacha among Africa’s weakest
The Malawian kwacha sits near the other end of the continent’s nominal currency rankings. Business Insider listed it in September as Africa’s ninth weakest currency, while the São Tomé and Príncipe dobra ranked weakest.
The contrast illustrates the wide differences in nominal currency values across African economies. Such comparisons do not, by themselves, indicate differences in living standards or purchasing power.
