African currencies have been taking a heavy hit lately, especially against the revered US dollar. The depreciation has raised concerns about the economic stability of several African nations, impacting trade balances, inflation rates, and the purchasing power of their citizens.
Moreover, economic mismanagement and structural weaknesses within certain African economies have exacerbated currency depreciation.
Below are the worst performing African currencies against the US dollar in 2023:
| Rank | Currency | Depreciation percentage |
|---|---|---|
|
1 |
Nigerian naira |
-55.0 |
|
2 |
Angolan kwanza |
-39.2 |
|
3 |
Malawian kwacha |
-39.1 |
|
4 |
Zambian kwacha |
-29.5 |
|
5 |
Burundi franc |
-27.6 |
|
6 |
Congolese franc |
-24.0 |
|
7 |
Kenyan shilling |
-20.9 |
