In ancient days, when people were not aware of the currency, then the barter system was used for exchanging goods and services , later on with the passage of time, the currency was introduced and made the human life more convenient and reliable and at present Strongest money bill in Africa belongs to Libya country . Today there is no concept for the barter system, and all the nations of this world are using their own currencies, but the value of their official money unit vary from country to country and fluctuation also comes with the foreign policies. So every country has the different value for its official currency units. Some have the highest values while on the other hand some countries have the low values due to below average economies.
Basically the African currencies bills have a historical importance because it was originally took into existence from the different materials, items, animals and even the people available in the locality were used as the medium of exchange. But later on it was totally eliminated and the European colonial powers introduced their own monetary system into the different countries that were administrated by them.
Currently Libyan Dinar is the High valued currency bill in Africa
History and facts about LYD
When it comes to the regions outside Libya, the word Dinar is not much used though its unit dirham is not or may be hardly ever used in our daily life. However instead of this, the world Garsh is used that is equal to ten dirham. In Libya, in September 1971, after the replacement of pound, the Dinar was introduced that is currently officially recognized as Libyan Dinar.
- It is the officially used in Libya and its dinar is further divided into 1000 dirham.
- Since May 2014 till June 2014, it retained the same value. From 1994 to the current year 2014, it averaged 0.95.
- Its ISO code is known as LYD.
- Its inflation rate is 6.1%
- Its official bank notes are available in 1, 5, 10, 20 and 50 dinars. While coins of 50, 100 Dirham are used that are equal to ¼ and ½ dinar.
Q : Which African Country has the highest currency value?
After Libya, Tunisia is the nation that stands at second in the list of top five strongest currencies in Africa followed by Ghana, Sudan and Egypt. With $9774 per capita GDP, It is one of the richest nations in Africa continent. Following is a list of top five African nations having the highest currencies by their value.
While preparing the list of African countries having the strongest currencies, we used the U.S Dollar as the scheme of exchange. You are required to scribble down that the currencies of various countries are lying on your front to the variations and numerous methodical volatility. So this list is totally based on the currency exchange rate ending June 10, 2014.
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