Currency helps to buy goods and services in the country. There are many currencies on the African continent.
Today, we will talk about the top 7 worst (lowest) performing currencies in Africa in 2023, according to the ranking by Hanke’s Currency Watchlist.
1. Zimbabwean Dollar
The Zimbabwean dollar is the worst-performing currency in Africa. It is the currency of Zimbabwe. It has been rated the lowest currency in Africa against the United States Dollar (USD). It has lost 76.74% of its value against the USD since January 2022. It has depreciated against the USD by 97.33% since January 2020.
2. Sudanese Pound
The Sudanese pound is the second lowest currency in Africa. It has depreciated against the USD by 84.95% since January 2020. It is the currency of the Republic of Sudan. Political crises have caused the Sudanese pound to plummet.
3. South Sudanese Pound
The South Sudanese pound is one of the lowest currencies in Africa. It has depreciated against the USD by 50.79% since January 2020. Since the beginning of February 2022, it has depreciated by 28% against the USD.
4. Nigerian Naira
The Nigerian Naira is one of the weakest currencies in Africa. It has depreciated by 48.87% against the USD since January 2020. According to Bloomberg, Nigeria is expected to devalue its currency after elections in February 2023.
5. Ghana Cedis
The cedi’s decline makes it one of the worst-performing currencies in Africa. It has depreciated 42.57% against the USD since January 2020. The rising cost of living has already affected the country.
6. Malawian Kwacha
Malawian Kwacha is one of the worst currencies in Africa. It has depreciated against the USD by 39.54% since January 2020. In May 2022, Malawi announced a 25% devaluation of the kwacha. The rising cost of energy has already affected the country.
7. Sierra Leonean Leone
Sierra Leonean Leone is the seventh lowest currency in Africa in 2023. It has depreciated against the USD by 31.23% since January 2020. Sierra Leone’s public debt increased to 79 % of GDP in 2021.
