Money, otherwise known as currencies, is the lifeblood of any nation. Its strength is a quick mirror of where a nation stands in terms of economic policies, ease of doing business, and the general prosperity of its citizenry.
In this report, Legit.ng compiled a list of the seven lowest currencies on the African continent in 2021:
1. Sierra Leonean Leone (SLL)
According to Lowestcurrencies.com, the US dollar equals 9797.40 of the nation’s currency. In 1787, the country was founded by former slaves who came back to Africa. Although the country is rich in enormous mineral resources, the country's economy is nowhere to write home about.
2. Guinea Franc (GNF)
Occupying second on the list is Guinea, a dollar is exchanged for 9665.68 of the country’s currency. Like Sierra Leone, the nation is also blessed with natural resources and fertile soil, with good weather for farming.
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 3729.02 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.
6. Burundian Franc (BIF)
The long wars between the Hutu and Tutsi have caused historic anarchy in Burundi for years. The landlocked country is struggling with grave economic issues. 1926.56 BIF equals a dollar.
7. Congolese Franc (CDF)
The Democratic Republic of Congo has also had its fair share of civil war. Like many African countries, it is also blessed with natural wealth. That has, however, not really helped its economy. A dollar is exchanged for 1897.36 CDF.
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Meanwhile, Legit.ng earlier reported that the Libyan Dinar, Tunisian Dinar, and Ghanaian Cedi are among the seven strongest currencies in Africa.
Others on the list are Moroccan Dirham, Eritrean Nafka, and Egyptian Pounds. What all these currencies have in common is a strong economy.
Joseph Omotayo writes for the human interest desk at Legit.ng. He graduated from Obafemi Awolowo University with a degree in Literature in English. He loves basketball and books. He tweets @omotayome.