10 AFRICAN CURRENCIES WITH THE HIGHEST EXCHANGE RATES AGAINST THE DOLLAR IN THE FIRST QUARTER OF 2022
Today, Ochesy team presents a list of African currencies with the highest exchange rates against the dollar during the first quarter of 2022 as sourced from business inside Africa.
To get to this list, we have compared the currencies used in all 54 countries in Africa by converting the amount of 1000 in each of these currencies to dollars.
An exchange rate has to do with the value of a currency when converted into another currency.
Periodically, Business Insider Africa publishes a list of the 10 African currencies with the highest exchange rates against the dollar. In this latest installment, we focus on the major currencies in Africa as of the first quarter of 2022.
To do this, we have compared the currencies used in all 54 countries in Africa by converting the amount of 1000 in each of these currencies to dollars. Just before we begin to unveil the Top 10 African Currencies as of Q1 2022, let’s first have a little discussion about currency valuation and exchange rates, shall we?
The first thing to keep in mind is that exchange rates are hardly fixed. This is due to the volatile nature of the foreign exchange market, which is characterized by unexpected fluctuations in currency rates as a result of various economic factors.
As you well know, the exchange rate is mainly related to the value of a currency when converting it to another currency. The US dollar is currently the most widely used currency during global trading. This is why we used it as the standard currency. However, the top ten currencies in Africa have the highest value when converted into dollars. Finally, the quote below by Investopedia explains why the exchange rate is an important topic that everyone should care about.
‘Exchange rates have a significant impact on corporate operations and profitability. The exchange rate unstability affects not only multinational corporations and large corporations, but also small and medium-sized enterprises, including those operating only in their home countries. While understanding and managing it is considered a price risk. Drainage is a topic of obvious importance to business owners, and investors should be aware of because of the huge impact it can have on their holdings.’
Note that exchange rates are unstable. Therefore, the numbers may have changed as at the time you are reading this article. Here are the 10 African currencies with the highest exchange rates against the dollar
Tunisian Dinar: 1,000 Tunisian Dinars have been converted to $334.39 at the time of this article’s publication.
Libyan dinar: 1,000 Libyan dinars converted to $214.51 at the time this article was published.
Ghanaian Cedi: GHS1000 has been converted to $133.81 at the time of this article’s publication.
Moroccan dirham: 1,000 dirhams converted to $103.21 at the time of this article’s publication.
Botswana Botswana: The BWP1000 has been converted at $87.33 at the time of this article.
Seychellois rupee: The SCR1000 has been converted to $69.65 at the time of this article’s publication.
South African Rand: 1,000 ZAR was converted to $68.81 at the time this article was published.
Lotte Lesotho: L1000 has been converted to $68.81 at the time of this article’s publication.
Namibian Dollar: NAD1000 has been converted to $67.16 at the time this article was published.
Eritrean nakfa: ERN1000 has been converted to $66.66 at the time of this article’s publication.
