Which country has the Weakest Currencies in Africa?
The value of currencies is determined by several factors including; GDP decreasing, falling prices of commodities, and political instability among others. Read on to find out the Weakest Currencies in Africa
The Zimbabwean dollar and the Ghanaian currency have been rated the worst-performing currency in Africa against the United States dollar in 2023
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Weakest Currencies in Africa
1. Sao Tome And Principe Dobra 1USD=21050.5996 STD
Sao Tome And Principe Dobra is the Weakest Currencies in Africa. It is noted to be the smallest country in Africa. It is classified as the weakest currency based on the exchange rate to the dollar and its purchasing power.
2. Sierra Leone Leon (SLL)
The Leone was introduced on 4 August 1964. It replaced the British West African pound at a rate of 1 pound = 2 leones (i.e., 1 leone = 10 shillings). It is the second weakest currency in Africa valued at 9,740.00 SLL to the USD.
3. Guinean Franc (1USD-9,437.50 GNF)
The first Guinean franc was introduced in 1959 to replace the CFA franc
On March 1, 2019, on the 59th anniversary of the introduction of its national currency, the Central Bank of the Republic of Guinea issued a revised banknote for 10,000 francs and issued a new banknote for 2,000 francs.
Currently, the smallest denomination in circulation is the 500 francs note due to diminished purchasing power.
Read The Richest President in Africa
The Ugandan Shilling (UX) is the currency used by people in Uganda and the fourth on the list. It currently exchanges at 3,694.15 Ugandan Shilling to $1.
5. Malagasy Ariary
The ariary is the currency of Madagascar. It is subdivided into 5 iraimbilanja and is one of only two non-decimal currencies currently circulating (the other is the Mauritanian ouguiya). It is currently valued at 1USD=3,750.00 MGA
The shilingi is the currency of Tanzania and one of the Weakest Currencies in Africa. It is subdivided into 100 senti (cents in English). The Tanzanian shilling replaced the East African shilling on 14 June 1966 at par. currently, 1 USD=2,313.90 TZS
The Burundian Franc currently has a rate of 1,901.00 BIF to the dollar.
It is nominally subdivided into 100 centimes, although coins have never been issued in centimes since Burundi began issuing its own currency.
Weakest Currencies in Africa
1USD=1,711.00 CDF, is the current exchange rate. This could be due to the decline in the economy of the Democratic Republic of the Congo since the 1980s.
At the time of its independence in 1960, the Democratic Republic of the Congo was the second most industrialized country in Africa after South Africa.
Since then, corruption, war, and political instability have been a severe detriment to further growth, today leaving DRC with a GDP per capita and an HDI rating that rank among the world’s lowest and makes the DRC one of the least developed countries in the world.
9. Rwandan Franc(1USD=937.50 RWF)
The 1994 genocide destroyed Rwanda’s fragile economic base, severely impoverished the population, particularly women, and eroded the country’s ability to attract private and external investment.
However, Rwanda has made significant progress in stabilizing and rehabilitating its economy.
Malawian Kwacha is the official currency of Malawi with an exchange rate of 1USD=Malawian Kwacha.
The kwacha replaced other types of currency, namely the UK pound sterling, the South African rand, and the Rhodesian dollar, that had previously circulated through the Malawian economy.
Read Richest Countries in Africa
Which currency is most weakest in the world?
The Zimbabwean dollar and the Ghanaian currency have been rated the worst-performing currency in Africa against the United States dollar. The Sudanese pound was rated the second worst-performing currency in Africa, followed by the South Sudanese pound.
The Iranian Rial is the least valued currency in the world. It is the lowest currency to USD. For the simplification of calculations, Iranians regularly use the term ‘Toman’. 1 Toman equals 10 Rials.
Which currency is highest in Africa?
The Tunisian Dinar (TND), which was launched in 1958, is the highest currency in Africa, with a dollar conversion rate of 3.13 Dinars. The currency was introduced two years after Tunisia’s independence from France, while the Tunisian franc was in force.
Is Ghana currency strong?
The Ghanaian currency, Cedi, has become the worst-performing currency in the world after it lost 45.1 per cent of its value to the United States’ dollar in 2022