4 African Countries With Weakest Currencies

 The value of any currency is never constant; rather, it is determined by various factors such as interest rate, economic growth, inflation rate, and the impact of other currencies. A high rate of inflation inside a country causes a devaluation of the country’s currency, which reduces its value when compared to other currencies. In this post, we will show African countries with weakest currencies.

African Countries With Weakest Currencies

The following is a list of the Four African 

1. Sao Tome and Principe Dobra

1 USD equal 21,050 STDr

The Dobra of Sao Tome and Principe is Africa’s weakest currency, with one dollar worth nearly 20,000 USD.

Sao Tome is an island state and a tiny country in central Africa whose major source of money is cocoa, coffee, and coconut exports, although this is insufficient to maintain the country’s local economy. The currency was initially launched in 1977, however it has since depreciated.

2. Seirra Leone leon(SLL)

1 USD=10,250 SLL

The serria Leone leon is the country’s official currency. It is split into 100 cents, which are no longer in use due to the currency’s poor value. Due to civil conflict, economic hardships, and the Ebola and Covid-19 pandemics, Sierra Leone Leone (SLL) has significant inflation. Because of the country’s high inflation rate, corruption, and growing poverty, the country’s currency is weak. Checkout

3. Guinea franc (GNF)

1USD equals 9450 GNF

In 1995, the first Guinean Franc was issued to replace the CFA franc. The 500 franc notes have the least GNF dominance in circulation. Although centimes were divided into the currency, they were never issued.

Given the country’s valuable natural resources, Guinea should have been one of Africa’s richest countries. Gold, diamonds, and aluminium are among them, but the country’s currency continues to depreciate against the dollar due to the country’s high inflation rate.

4. Uganda shillings (UX)

1 USD =3500 Uganda shillings

Uganda’s official currency is the Uganda shilling. The country’s foreign exchange is based on agriculture, although it has seen significant inflation. In 2013, the Uganda shillings were legally split into cents, however this is no longer the case.

Due to increasing outflows of investment following the Covid 19 epidemic, the Ugandan currency declined by 3% versus the US dollar in the first five months of 2020, according to the Uganda’s Central Bank.