The Weakest Currency in Africa unveils the national currency that may be the weakest among the currencies used by the different African countries. Several socioeconomic factors can weaken the value of any national currency. Many of these factors are wrong political decisions, bad economic policies, inflation, poor infrastructure that may not attract investors, and many more.
Although many African national currencies can be identified to be commercially weak given their foreign exchange value in the international market, there is always one or two currencies that are categorically the weakest. This is what this article then focuses on:
The Weakest Currency in Africa.
There are only five currencies that make the weakest currency in Africa. These are:
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Sierra Leone Leone
The currency of Sierra Leone is called Leone. Currently, its denominations in cents are no longer in use due to the low value of the currency. Although coins are still used in the country, they are less common because of their low value.
The Bank of Sierra Leone in 2010 issued new notes which were slightly smaller in size than the earlier series and intended to be more secure and durable. However, this economic innovation does not add up to the expectations that the Leone will get stronger in the closest future.
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Sao Tome And Principe Dobra
The Weakest Currency in Africa.
The Dobra (STD) is the official currency of the equatorial African island nation of São Tome & Principe. The exchange rate was fixed at 1 EUR = 24,500 STD. It makes the weakest currency in Africa.
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Burundian Franc
Franc is the currency of Burundi. The franc became the currency of Burundi in 1916, when Belgium occupied the former German colony and replaced the German East African rupie with the Belgian Congo franc.
The franc was valued at 1,587.60 per US dollar.
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Guinean Franc
The Guinea franc (GNF) is the national currency of Guinea. In terms of foreign exchange rate, 1 Euro is equal to 10,417.46 Guinean Francs. This further translates to mean that the highest valued banknote of 20,000 Francsh is less than 2 Euros.
By this rate, the Guinean franc is the weakest currency in Africa.
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Tanzania Shilling
Tanzania proves to be one of the world’s poorest economies in Africa and largely in the world. The Tanzanian shilling (TZS) is the currency of United Republic of Tanzania. It replaced the East African shilling in 1966. Its exchange rate in dollars is 1 US Dollars is 2,314.73 TZS. Thus, it is one of the weakest currencies in Africa.
