7 worst (lowest) performing currencies in africa in 2023
Last updated on January 10th, 2024 at 01:25 pm
Currency helps to buy goods and services in the country. There are many currencies on the African continent. Today, we will talk about the top 7 worst (lowest) performing currencies in Africa in 2024, according to the ranking by Hanke’s Currency Watchlist.
The Zimbabwean dollar is the worst-performing currency in Africa. It is the currency of Zimbabwe. It has been rated the lowest currency in Africa against the United States Dollar (USD). It has lost 76.74% of its value against the USD since January 2022. It has depreciated against the USD by 97.33% since January 2020.
The Sudanese pound is the second lowest currency in Africa. It has depreciated against the USD by 84.95% since January 2020. It is the currency of the Republic of Sudan. Political crises have caused the Sudanese pound to plummet.
The South Sudanese pound is one of the lowest currencies in Africa. It has depreciated against the USD by 50.79% since January 2020. Since the beginning of February 2022, it has depreciated by 28% against the USD.
Also Read: 10 African currencies with the highest exchange rates
The Nigerian Naira is one of the weakest currencies in Africa. It has depreciated by 48.87% against the USD since January 2020. According to Bloomberg, Nigeria is expected to devalue its currency after elections in February 2024.
The cedi’s decline makes it one of the worst-performing currencies in Africa. It has depreciated 42.57% against the USD since January 2020. The rising cost of living has already affected the country.
Malawian Kwacha is one of the worst currencies in Africa. It has depreciated against the USD by 39.54% since January 2020. In May 2022, Malawi announced a 25% devaluation of the kwacha. The rising cost of energy has already affected the country.
Sierra Leonean Leone is the seventh lowest currency in Africa in 2024. It has depreciated against the USD by 31.23% since January 2020. Sierra Leone’s public debt increased to 79 % of GDP in 2021.
Trade between African and GCC countries stands at $ 121 billion in 2023, double of what it was in 2016.…
Family members struggling after one week after of Cyclone Chido ripped through the French island territory of Mayotte expressed helplessness…
The United Arab Emirates has launched its orphanage project in Ethiopia's Oromia region on the orders of President Sheikh Mohamed…
In just four months, 100 women have been killed, the majority by males they knew including spouses. Prime Cabinet Secretary…
The Ghanaian entertainment industry is in deep mourning following the sudden death of Bright Owusu, better known as C Confion.…
Since the beginning of December more than five hundred people have lost their lives on the nation's highways. Barbara Creecy,…
This website uses cookies.