Last updated on August 13th, 2023 at 08:17 pm
STD, SLL, GNF, Guinean Franc, and Malagasy Ariary are the five worst-performing currencies in Africa as of August 13, 2023
In most African countries, their political leaders borrow to ‘finance’ corruption and finance projects that have no impact on their poor masses.
In this post, we’ve compiled the list of the 15 weakest currencies in Africa against the USD. A number of factors like interest rates, inflation, economic policies, current account balance, and political instability among others are some of the things threatening the strength of currencies across the continent.
We came up with the list of poorest currencies in Africa on this list by placing each of the currencies viz-a-viz the US dollar.
What are the worst-performing currencies in Africa?
- USD=22,281.8 STD (Sao Tome & Principe Dobra)
- USD=19,750.00 SLL (Sierra Leonean Leone)
- USD=8,617.97007 GNF (Guinea-Bissau)
- USD=8,617.81 Guinean Franc
- USD=8,617.9701 Equatorial Guinea
- USD=4,519.13 Malagasy Ariary
- USD=3,740.25 Ugandan Shilling
- USD=2,511.65 Tanzanian Shilling
- USD=2,841.62 Burundi Franc
- USD=1,183.00 Rwandan franc
- USD=1,088.15 Malawian Kwacha
- USD=769.20 Nigerian Naira. However, $1 was N930 at the black market rate at the time of this update Friday, August 13, 2023.
- USD=598.26 CFA Franc
- USD=CFA598.26 (Burkina Faso West African CFA franc)
- USD=598.26 Benin Republic CFA Francs
- USD=598.26 Gabon Central African CFA franc
- USD=598.26 Mali CFA
- USD=598.26 Niger CFA
- USD=598.26 Senegal CFA
- USD=598.26 Cameroon’s West African CFA francs
- USD=597.095 XOF CFA Francs
- USD=Sh569.50 (Somali Shilling)
Why Using The U.S. Dollar As Global Trade Exchange?
The U.S. Dollar is global and the most popular currency in the world which is mostly used for international trade.
For instance, $10,000 USD is worth NGN9,300,000 at the black market rate ($/N930). The black market because it is more accessible to traders and even investors.
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, Kuwaiti Dinar remains the most valuable currency in the world, beating US Dollar, Euro, & Pounds hands down.
