African Currencies That Are Weaker Than Naira

African Currencies That Are Weaker Than Naira in 2024

Last updated on February 20th, 2024 at 08:05 pm

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The naira started facing its toughest time, falling freely immediately after the Bola Tinubu-led government announced the floating of the Nigerian currency in June 2023.

Right now, it is $/1,790 at the parallel market, and $/₦1,574.62 at NAFEX at the close of trading on February 20, 2024.

The naira has lost its value, but there are still some other currencies in Africa that are even weaker than the Nigerian currency.

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NGN1 is worth 12.30 SLL while it is 1.73 in Congolese Franc, this points to the fact that Naira is still stronger than some currencies in Africa.

Congolese Franc, Leonean Leone, Tanzania Shillings, Malagasy ariary, Uganda Shillings, Burundi Franc, Malawian Kwacha, and Rwanda Franc (RWF) are the weakest African currencies against the Naira in 2024.

The list of weaker currencies against the Nigerian currency is a pointer that the currencies of the countries under review are in more terrible shape than the naira.

Worst-performing currencies than the naira

Sierra Leonean Leone (SLL)

African Currencies That Are Weaker Than Naira
Photo credit: Foreigncurrencyandcoin.com

The official currency of Sierra Leone is Sierra Leonean Leone which is the weakest currency in Africa and the most worthless when compared with global currencies.

1 SLL is NGN0.033. NGN500K is worth 19,300,724.83 SLL while $500K is worth over 7 billion in the country’s local currency.

Congolese Franc (CDF)

The Congolese franc (CDF) is the official currency of the Democratic Republic of Congo popularly called DR Congo

Also Read:  5 Non-EU Member Countries That Use Euro As Currency

1 CDF at the time of this is 21 kobo, meaning, NGN5,000 is worth 24, 237.83 CDF while NGN1 million is worth 4,847,565.29 in DR Congo.

Tanzania Shillings (TZS)

TZS/NGN is 19 kobo. NGN5k is worth 26,562.72 Tanzanian shillings. When TZS is paired against the Nigerian currency, the naira does better.

But on the global stage, they are worthless as it is very rare to see any global trader who would want to accept NGN or TZS as a means of exchange.

Uganda Shillings (UGX)

Uganda shillings is one of the African currencies that is weaker than the Nigerian naira. UGX/NGN is NGN0.12. Coins have even been faced out of the market in Nigeria.

Madagascar Malagasy ariary (MGA)

While the naira continues to slide against global currencies for international trade, NGN500K is worth 4,845,688.08 MGA.

Regionally, the naira still has some weight, but our report on some of the African currencies that are stronger than the naira also shows that Nigeria priding itself as the giant of Africa is deceitful.

Malawian Kwacha (MWK)

MWK/NGN is 43 kobo

Rwanda: Franc (RWF)

Despite Paul Kagame’s revolutionary economic policies in Rwanda, the country still has a lot of things to fix years after the dark days of genocide in the country.

RWF/NGN is NGN0.41 at the time of this publication.

It is important to note that Rwanda’s health policy is one of the best on the continent. It follows a universal healthcare model.

Burundi Franc (BIF)

BIF=With BIF/NGN going for NGN0.27, the Burundian franc is weaker than the naira

Also Read:  Why the Naira Is Falling

Recap:

Below is the summary of African currencies that are weaker than the Nigerian currency using the official exchange rate

Weakest African currenciesNaira To The Local Currency
Leonean Leone12.30 SLL
Congolese Franc1.73 CDF
Tanzania Shillings1.58 TZS
Uganda Shillings2.42 UGX
Malagasy ariary2.82 MGA
Burundi Franc1.78 BIF
Rwanda: Franc (RWF)0.79 RWF
Malawian Kwacha 1.05 MWK

Currencies that gained over Naira in 2023

Naira had value over some currencies in Africa, but there was a twist, Naira fell further when the biggest economy announced the floating of its currency. The country says it would no longer peg its currency.

After the floating, these African currencies gained significantly over the naira:

  • Gabon XAF to Naira
  • Chadian XAF
  • Benin Republic XOF
  • Republic of the Congo XAF
  • West African CFA franc
  • Comorian Franc
  • Somalian Shillings
  • Central African CFA franc
  • Ivoirean currency (XOF)
  • South Sudanese Pound

Conclusion

While it’s true that the naira is stronger than some currencies in Africa, this alone doesn’t necessarily indicate that the Nigerian currency is superior.

Various factors, such as economic stability, inflation rates, and overall financial health, contribute to a currency’s strength or weakness.

If Nigeria had visionary, selfless, and economically savvy leaders, it seems plausible that many African countries would have adopted the Nigerian currency by now.

For instance, high inflation in Nigeria is causing some of its denominations to become increasingly obsolete; for example, the NGN5 note can hardly buy biscuit anymore.

Above all, while the naira isn’t the lowest-valued currency in Africa, the fact that the currency of a country that prides itself as the African giant struggles to compete with other global currencies indicates that all is not well with the Nigerian economy.

Also Read:  Naira Continues Its Free Fall As $1 Exchanges For N535 At Black Market Rate

The comparison highlights the precarious state of many economies in Africa and their currencies, signaling an urgent need for remediation.

Africa, as a whole, has yet to attain financial and economic independence, often finding itself at the mercy of its former colonial leaders.

Author

  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

5 thoughts on “African Currencies That Are Weaker Than Naira in 2024”

  1. Is it bearable that the gaint of africa is getting weaked by her currency. but, The bad thing weaking our currency is our selfish governance if they could change to save us from it. the God of the nation will reward them.

  2. This is quite terrible and at the same time, alarming. But, who is ready for the discussion, the greedy leaders, and politicians?

  3. Nwogu, Chukwuma

    African countries should come up with a vision of saving their currencies from not becoming mere paper by becoming a productive economy and exporting more than importing products. by this method their currencies be strong.

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