Artificially and on paper only, the Zambian currency is now one of the three strongest currencies in Africa. The Kwacha is now stronger than currencies of economic giants such as South Africa, Botswana, Nigeria, Kenya, Egypt. The bank of Zambia even has the audacity to publicise on its website that to buy One South Africa Rand, you only need 58 ngwee.
Just two months ago before the political move to rebase the Kwacha was made, you needed 600 Kwacha to buy one South African Rand.
The Botswana Pula, one of the most stable currencies in Africa and backed by a stable economy is now weaker than the Zambian Kwacha.
If you have 100 Kwacha, you can buy 153 Pula One Kwacha now fetches 27 Nigerian Nira. In other words, to buy 100 Zambian Kwacha, you need 2, 947 Nigerian Nira. If you have 79 ngwee, you can buy 100 Egyptian Pounds or, if you have 100 Zambian Kwacha, you can walk away with 120 Egyptian Pounds. Kenya, the biggest economy in East Africa can’t compare its currency with Zambia.