The worst performing currencies in Africa

Some African countries have strengthened their currencies while others have faced deterioration in exchange rates in 2024. The worst performing currencies were the Nigerian Naira, Malawian Kwacha and Rwandan Franc, which experienced significant depreciation of about 104%, 67% and 19% respectively. The NGN (Numeric Naira) has been under significant pressure and has depreciated sharply against the US dollar. This is due to a combination of factors including falling oil revenues, high inflation and a growing current account deficit. The MWK (Malawian Kwacha) has also depreciated against the US dollar. This is mainly due to the global factors affecting emerging market currencies as well as domestic factors such as rising inflation and a growing current account deficit. The RWF (Rwandan Franc) has been relatively stable compared to other currencies in the region. However, it has lost some value against the US dollar. This is mainly due to global factors affecting emerging market currencies.