Top Worst Performing Currencies in Africa (2025)

According to bloomberg, African currencies faced significant challenges in 2024, with some experiencing alarming decline against the United States dollar. Among the top worst performing currencies in Africa, the Nigerian Naira takes the lead, undergoing a staggering 104.38% decline against the US dollar.

Following closely behind in the list of top worst performing currencies in Africa is the Malawian Kwacha, which depreciated by 39.1% in 2024. This decline poses challenges for Malawi, as it grapples with economic diversification and reducing its dependence on oil exports.

Rwanda, considered one of Africa’s more stable economies, was not immune to currency challenges. The Rwandan Franc experienced a 19.41% depreciation against the United States Dollar, attributed to a confluence of internal and external factors, which includes trade imbalances, and global economic shifts.

Top Worst Performing Currencies in Africa (2025)

1. Nigerian Naira (NGN)

worst performing currencies in Africa

Nigeria’s Naira stands out as the worst currency in Africa, more than doubling its exchange rate from 758 Naira per dollar in 2023 to a staggering 1,549.18 in 2024. This dramatic fall, a 104.38% change, is attributed to a combination of policy mismanagement, declining foreign reserves, and a heavy reliance on oil exports. The fluctuating global oil prices have worsened the country’s economic woes, leading to a severe currency devaluation.

2. Malawian Kwacha (MWK)

worthless currencies in africa 2023

The Malawian Kwacha joins the ranks with a 39.1% depreciation. Fueled by rising import costs and dwindling foreign direct investments, foreign exchange shortages proved decisive in the Kwacha’s downfall.

3. Rwanda Franc (RWF)

Rwanda’s Franc has also seen a notable decline, dropping from 1,166 Francs per dollar in 2023 to 1,392.32 in 2024, marking a 19.41% depreciation. Despite Rwanda’s robust economic growth in other sectors, the currency’s devaluation is driven by external debt obligations and rising import costs.

4. Congolese Franc (CDF)

Top Worthless Currencies In Africa

The Congolese franc lost about 16.65% of its value compared to the dollar since the beginning of the year, moving from 2,457 to 2,866.15 against the dollar, according to data compiled by Bloomberg.

The country’s currency devaluation is caused by conflict and economic mismanagement. The ongoing civil war in the eastern provinces disrupts vital export routes and saps resources, stifling economic growth and foreign exchange inflows.

5. Angolan Kwanza (AOA)

worst performing african currencies

Angola’s Kwanza has seen a 10.68% depreciation, falling from 824 to 912 per dollar. As an oil-dependent economy, Angola’s currency struggles are tied to the fluctuating oil prices, which directly impact the nation’s revenue and foreign exchange reserves.

6. Sierra Leonean Leone (SLE)

Sierra Leone’s Leone, with an 8.95% depreciation, further illustrates the struggles of smaller economies in maintaining currency stability. The country faces political uncertainties and limited export diversification, which have hampered its economic resilience. The Leone, in particular, has been affected by a lack of investor confidence and an ongoing need for fiscal reforms.

7. Madagascar Ariary (MGA)

Madagascar’s Ariary has experienced a relatively moderate decline, with a 5.77% depreciation from 4,430 to 4,685.45 per dollar. This reflects the economic challenges such as trade deficits and climate-related impacts on agriculture, which have hindered Madagascar’s ability to maintain a stable currency.

8. Burundi Franc (BIF)

Top 10 Worthless Currencies In Africa

Coming in eighth place is Burundi. The Burundi Franc has depreciated against the United States Dollar by 5.63% since the beginning of 2023.The currency’s decline is largely due to inadequate foreign reserves and ongoing socio-economic challenges.

9. Comoros Franc (KMF)

The Comorian Franc has seen a 4.75% decline, from 445 to 466.12 per dollar. This slight depreciation is indicative of the economic vulnerabilities faced by small island nations, including dependence on foreign aid and remittances. The Comoros continues to grapple with limited economic growth and external financial dependencies.

10. Uganda: Shilling (UGX)

Finally, Uganda’s Shilling has shown relative stability with only a 2.17% depreciation, from 3,608 to 3,686.17 per dollar. This minimal decline underscores the importance of prudent fiscal management and economic diversification. Uganda’s efforts to maintain a balanced economy have paid off, allowing the Shilling to avoid the steep declines seen in other African currencies.

Top Worst Performing Currencies in Africa (2025)

Rank Country Currency % Change
1 Nigeria Naira 104.38
2 Malawi Kwacha 66.82
3 Rwanda Franc 19.41
4 Congo Franc 16.65
5 Angola Kwanza 10.68
6 Sierra Leone Leone 8.95
7 Madagascar Ariary 5.77
8 Burundi Franc 5.63
9 Comoros Franc 4.75
10 Uganda Shilling 2.17

 

Modified on January, 2025.

Mr Madu
Mr Madu
Mr Madu is a freelance writer, a lover of Africa and a frequent hiker who loves long, vigorous walks, usually on hills or mountains.

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