Globally, currencies with relatively higher interest rates attract foreign investors, this increase the demand and price hence making it more vigorous. The opposite contributes to a weaker currency.
In Africa, Countries that are not stable often have weak currencies and visa verse due to the economic policies which keep inflation and debt in check hence influencing the flow of the currency
Here is the list of top 5 countries with the weakest currency.
1. Sierra Leonean Leone (SLL)
According to Lowestcurrencies.com, the US dollar equals 9797.40 of the nation’s currency.
2. Guinea Franc (GNF) occupying second on the list is Guinea, a dollar is exchanged for 9665.68 of the country’s currency.
3. Malagasy Ariary (MGA)
This is a currency used by Madagascar. A country that became very popular on social media during the early days of the coronavirus pandemic, it has the third weakest currency in Africa with a Malagasy Ariary exchanging at 3879.17 to a dollar.
4. Ugandan Shilling (UGX) an American dollar in the country will get 3529.02 of the nation’s currency. The country is presently working hard to rise up from the two decades of insurgency it suffered.
5. Tanzanian Shilling (TZS) A country well known for the mountain Kilimanjaro, it was founded in 1964. Though it has some relative economic stability, many of its citizens are still subsisting below the poverty line. A dollar is 2318.03 TZS