[The African Monetarist]

AFRICA’s worst

performing

currencies in 2023.

 

 

 

 

 

 

 

AFRICA’s worst performing currencies in 2023: In 2023, the Naira emerged as Africa‘s poorest performing currency, ranking third globally in depreciation. Nigeria‘s Naira recorded a significant 49% decline against the #dollar, marking it as the world’s worst-performing currency among the 151 currencies monitored by Bloomberg, trailing only the Lebanese pound and the Argentine peso.

 

This sharp depreciation represents the most substantial decline since Nigeria’s return to democracy in 1999. There are concerns that the #Naira may face further depreciation in the current year unless the government, led by Tinubu, attracts international investors or increases oil production, as suggested by Vetiva Capital Management.

 

Notably, several other African currencies also experienced challenges in 2023

 

#Angola 🇦🇴 kwanza
#Malawi 🇲🇼 kwacha
#Zambia 🇿🇲 Kwacha
#Burundi 🇧🇮 franc
#DRCongo 🇨🇩 franc
#Kenya 🇰🇪 Shilling

 

Will the full launch of the African Continental Free Trade Area (AfCFTA) help bolster #African currencies, and ensure governments navigate these difficult economic challenges and foster sustained growth?!

 

 

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