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10 African countries with the least robust currencies in 2024?

10 African countries with the least robust currencies in 2024?

The drawbacks of a weak currency, particularly in Africa, are numerous and pervasive, impacting every aspect of society. Addressing the fundamental causes of currency weakness needs a collaborative effort by governments, industry, and international partners. So far, between 2023 and 2024, African currencies have been subjected to unkind internal and external economic factors.

Essentially, a weakened currency poses obstacles to foreign investment and economic expansion. Investors hesitate to allocate their funds to nations with volatile currencies, apprehensive of potential rapid devaluation. This reluctance to invest hampers job creation and economic progress, perpetuating a cycle of poverty and underdevelopment.

Moreover, a depreciated currency adds complexity to international trade. African exporters encounter increased challenges in global market competition, as their products become more expensive for foreign buyers. This results in diminished export earnings, contributing to trade deficits, and exerting additional pressure on the currency.

The consequences of a weakened currency extend beyond economic implications, impacting social and political stability. Elevated inflation and diminished purchasing power worsen poverty and inequality, fostering social unrest and political dissatisfaction.

Having established this, here is a compilation of the 10 African nations with the least robust currencies in 2024. The rankings are derived from the current exchange rates of each country, sourced from real-time data as of February 12, 2024, obtained from Google Finance, and supported by Forbes Currency Converter data.

Rank Country Currency/$ Currency

1.São Tomé and Príncipe22,281.8/$Dobra (STD)
2.Sierra Leone19678.65/$Leone (SLL)
3.Guinea8,583.4/$Guinean Franc (GNF)
4.Madagascar4528.28/$Malagasy Ariary (MGA)
5.Uganda3849.94/$Ugandan Shilling (UGX)
6.Burundi2849.21/$Burundian Franc (BIF)
7.Democratic Republic of Congo2752.27/$Congolese Franc (CDF)
8.Tanzania2540.00/$Tanzanian Shilling (TZS)
9.Malawi1680.27/$Malawian Kwacha (MWK)
10.Nigeria1500.50/$Naira (NGN)

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