The U.S. Dollar is a global currency and the most widely used in the world, particularly for international trade.
Sao Tome & Principe Dobra (STD), Sierra Leonean Leone (SLL), Guinean Franc (GNF), Malagasy Ariary, and Ugandan Shilling are the five weakest currencies in Africa as of February 1, 2024.
Here is what the exchange rate is like between the USD and these 10 currencies across Africa:
- 1 USD = 22,730.29 STD (Sao Tome & Principe Dobra)
- 1 USD = 22,645.3 SLL (Sierra Leonean Leone)
- 1 USD = 8,606.7 Guinean Franc
- 1 USD = 4,514.01 Malagasy Ariary
- 1 USD = 3,819.94 Ugandan Shilling
- 1 USD = 2,509.69 Tanzanian Shilling
- 1 USD = 2,852.48 Burundi Franc
- 1 USD = 1,270.48 Rwandan franc
- 1 USD = N1,476 at the unregulated market
- 1 USD = 1,683.15 Malawian Kwacha
While Nigeria prides itself as the economic giant of the continent, its currency – NAIRA – performs poorly against the USD.
Note: As for the Naira, there are always two different quotes: the one at the NAFEX and the second at the parallel market.
At the time of this update, 1 USD = N1,480.16 on NAFEX, FX quote recognized by the CBN at the close of business Wednesday, January 31, 2024
Conclusion:
We hope that African leaders look inward and consolidate on some of their economic gains to join the league of strongest currencies in Africa.
There are several ways a weak currency can regain its value against major competitors in the international market. They can also learn from Kuwaiti, where its leaders are using their rich oil to pull a huge weight on the oil global market.
As we write, the Kuwaiti Dinar remains the most valuable currency in the world, beating the US Dollar, Euro, and pound hands down.