10 African countries with the weakest currencies in 2024

Pls share this post


Listen to this article

The drawbacks of a weak currency, particularly in Africa are numerous and pervasive, impacting every aspect of society. Addressing the fundamental causes of currency weakness needs a collaborative effort by governments, industry, and international partners. So far between 2023 and 2024, African currencies have been subjected to unkind internal and external economic factors.

  • Business Insider Africa presents the 10 African countries with the weakest currencies.
  • This list is based on how high currencies are compared to the US dollar.
  • The list is courtesy of Google Finance.

Fundamentally, a poor currency hampers foreign investment and economic growth. Investors are wary of putting their money into countries with unstable currencies, fearing they may lose value rapidly. This lack of investment stifles job creation and economic development, perpetuating a cycle of poverty and underdevelopment.

Furthermore, a weak currency complicates international trade. African exporters find it harder to compete in the global market as their goods become more expensive for foreign buyers. This reduces export earnings, leading to trade deficits and further pressure on the currency.

Read also: Top 10 African countries with the weakest currency exchange rates in 2023

The repercussions of a poor currency extend beyond the economic realm, affecting social and political stability as well. High inflation and reduced purchasing power exacerbate poverty and inequality, leading to social unrest and political discontent.

With that said, here are the 10 African countries with the weakest currencies in 2024.

This list is based on each country’s current exchange rate, courtesy of real-time data as of 12th February 2024, from Google Finance, backed by data from Forbes Currency Converter.

READ ALSO  Niger reiterates ban on flights from Nigeria
RankCountryCurrency/$Currency
1.São Tomé and Príncipe22,281.8/$Dobra (STD)
2.Sierra Leone19678.65/$Leone (SLL)
3.Guinea8,583.4/$Guinean Franc (GNF)
4.Madagascar4528.28/$Malagasy Ariary (MGA)
5.Uganda3849.94/$Ugandan Shilling (UGX)
6.Burundi2849.21/$Burundian Franc (BIF)
7.Democratic Republic of Congo2752.27/$Congolese Franc (CDF)
8.Tanzania2540.00/$Tanzanian Shilling (TZS)
9.Malawi1680.27/$Malawian Kwacha (MWK)
10.Nigeria1500.50/$Naira (NGN)

Source



Pls share this post
Previous article
“I Still Love My Ex-wife” – Nigerian Actor Actor Femi Durojaiye Despite Their Divorce
Next articleJUST IN: Tell Mr President Nigerians Are Suffering – Emir of Kano Tinubu’s Wife

LEAVE A REPLY

Please enter your comment!
Please enter your name here