10 African Currencies Worth More Than the Naira

Nigeria, often called the “Giant of Africa,” has the largest economy on the continent. But when it comes to currency strength, the Naira lags behind several African currencies. 

Despite Nigeria’s vast natural resources, economic instability, inflation, and fluctuating exchange rates have weakened the Naira over time. Meanwhile, some African countries have managed to maintain stronger currencies due to stable economies, better fiscal policies, or strategic financial management. Here are African currencies that are worth more than the Naira:

Tunisian Dinar (TND)

The Tunisian Dinar is the strongest currency in Africa. Tunisia has a well-managed economy, with a strong banking sector and controlled foreign exchange policies. Unlike Nigeria, where the Naira fluctuates frequently, Tunisia keeps its currency relatively stable, making the Dinar one of the most valuable on the continent.

Libyan Dinar (LYD)

Despite years of political instability, Libya’s Dinar remains one of Africa’s most powerful currencies. Why? Oil. Libya has vast oil reserves, and its limited population means there’s less pressure on the currency. Even though the country faces economic challenges, its currency still holds a higher value than the Naira.

Moroccan Dirham (MAD)

Morocco’s economy is diversified, spanning agriculture, tourism, and manufacturing. The Moroccan Dirham benefits from stable economic policies, strong international trade partnerships, and controlled inflation. As a result, it holds more value than the Naira.

Botswana Pula (BWP)

Botswana is one of Africa’s most economically stable countries. The Pula is backed by a well-structured financial system and strong foreign reserves. The country’s diamond industry and responsible governance have helped keep the Pula stronger than the Naira.

Seychellois Rupee (SCR)

Seychelles may be a small island nation, but its currency is stronger than Nigeria’s. Tourism plays a significant role in Seychelles’ economy, and the government’s strict financial policies help maintain the value of the Rupee. Unlike the Naira, which suffers from inflation and devaluation, the Seychellois Rupee remains relatively stable.

Ghanaian Cedi (GHS)

The Ghanaian Cedi has faced its own economic struggles, but it still holds more value than the Naira. Ghana’s economy is driven by exports like cocoa, gold, and oil. Even when the Cedi weakens, it remains stronger than Nigeria’s currency.

Eritrean Nakfa (ERN)

Eritrea may not be as economically prominent as Nigeria, but its currency, the Nakfa, is worth more than the Naira. The Eritrean government enforces strict control over foreign exchange, limiting inflation and currency devaluation. While this approach has its downsides, it has helped keep the Nakfa strong.

South African Rand (ZAR)

The South African Rand is one of the most traded currencies in Africa. South Africa’s well-developed financial markets and global trade links make the Rand more stable and valuable than the Naira. Despite fluctuations, it consistently holds a higher value.

Namibian Dollar (NAD)

Namibia’s currency is pegged to the South African Rand, meaning its value moves alongside it. This stability, combined with Namibia’s mining industry and strong governance, ensures the Namibian Dollar remains stronger than the Naira.

Lesotho Loti (LSL)

Like Namibia, Lesotho’s Loti is also pegged to the South African Rand. While Lesotho’s economy depends heavily on South Africa, its currency still holds more value than the Naira, highlighting Nigeria’s currency struggles.