Top 10 Worthless Currencies In Africa – 2018
These currencies below are some of the most unstable, weakest and worthless currencies in Africa. (read also - Top 10 of the strongest currencies in Africa).
How worthless are this currencies you may ask. Well take Sao tome and principle for instance, a bottle of coke is sold for around 19,500 Dobra and to eat in an inexpensive you will spend somewhere around 140,000 Dobra for a meal...
now that you have an idea on how weak these currencies are let's delve into the article proper
Top 10 Worthless Currencies In Africa - 2018
10. Malawian Kwacha (1 USD = 722 Malawian kwacha)
Image source: nyasatimes.com
The kwacha is the currency of Malawi as of 1971, replacing the Malawian pound. Currently the Malawian Kwacha exchanges for 722 for 1 USD.
9. Rwandan Franc (1 USD = 855.56 RWF)
The Rwandan franc is the currency of Rwanda, although it was introduced in 1960. Rwanda began issuing its own francs in 1964. Currently Rwanda francs exchanges at 855.56 RWF for 1 USD.
image source: geoba.se
8. Dr Congo Franc (1 USD = 1596 Congolese franc)
Africa’s leading copper producer has been affected by low commodity prices and cutbacks in the mining sector, which have eaten away at foreign exchange reserves and heaped pressure on the franc. Currently 1USD exchanges for 1596 Congolese franc.
7. Burundian Franc (1 USD = 1749 BIF)
Image credit : banknotenews.com
In other to tackle the sharp drop in the value of the local currency against the dollar. Burundian Govt has already imposed restrictions on food exports to neighbouring countries in a bid to keep inflation down.
6. Tanzanian shilling (1 USD = 2234 shilling)
Image credit: Buzzkenya
Tanzania can boast of political stability, relative safety and been among the top 5 largest economy in east Africa. But sadly they can't boast of having one of the best currency in Africa.
5. Malagasay Ariary (1 USD = 3199.65 Ariary)
Image credit : mypivots.com
Despite achieving independence in 1960, Madagascar is still largely run like a colony with an economy closely tied to resource extraction. Lack of investment in sustainable industries has retarded Madagascar's economic development significantly.
The Ariary is the currency of Madagascar. And as of December 2017, Malagasy Ariary is exchanged at 3199.65 Ariary for 1 USD.
4. Ugandan Shilling (1 USD =3603 UGX)
Image source : e-allmoney.com
The primary cause behind the worthlessness of the Ugandan Shilling is apparently due to country's persistent trade deficit. The country imports more than it exports, so money is constantly leaving the country, which undermines the value of the shilling
3. Sierra Leonean Leone (1 USD = 7670 SLL)
Image source: standardtimespress.org
Sierra Leone is and has always been a very poor African country, and just like many of those rapidly growing, fundamentally flawed economies. It is plagued by trade deficit. In 2016 alone, Sierra Leone exported $465M and imported $956M.
Currently sierra Leonean Leone exchanges for 7670 SLL for 1 USD.
2. Guinean Franc (1 USD = 8998 GNF)
Image credit : Banknotenews.com
Another west African currency suffering at the hand of worthlessness is the Guinean Franc . The Guinean Franc is the second weakest currency in Africa. Currently 1 USD exchanges for 8998 gnf.
1. Sao tome and principle Dobra (1 USD = 20808 STD)
image credit : chirkup.me
The Sao tome and principle Dobra is not a strong currency on the international market it is also the weakest currency in Africa. Against the dollar the dobra is quite weak. Currently, 20808 STD exchanges for 1 USD.