Top 10 Lowest Currencies in Africa in 2023

Currency or money, in the form of paper, coins and of late virtual currency, is the primary medium of exchange in the modern world, decidedly preferred over the barter system.

The value of a currency is relative. A host of macro and microeconomic factors, such as interest and inflation rates, economic growth, political stability, trade balance, stimulus measures, and so on, influence the value of a currency.

A weak currency is a currency that is decreasing in value in comparison to other currencies. Poor government policies, political instability, increased external debt, systemic corruption, prolonged internal conflicts and overall economic degradation are the hallmarks of the countries with the weakest currencies.

Not surprisingly, the weakest currencies in the African continent, belong to those countries assailed over the years by iniquitous slave trade, vicious civil war fuelled by interethinic dissent, chronic political unrest and abject poverty coupled with terrible genocide and pronounced human suffering.

List of Weakest Currencies In Africa

  • #10. Angolan Kwanza

    Another country ravaged by internal conflict, Angola, one of Africa’s major oil producers, is struggling to emerge from the debilitating after-effects of a 27-year civil war. A member of OPEC, oil production and its supporting activities contribute about 50% of the GDP, more than 90% of the country’s export and over 70% of government revenue.

    1 US Dollar = 576.98 Angolan Kwanza
    Currency Code = AOA
    Angolan Kwanza

  • #9. Malawian Kwacha

    The erstwhile British protectorate of Nysaaland, Malawi achieved independence in 1964. However, as with many other African countries, liberation from colonial forces has invariably been followed by domestic dissension. As of now, Malawi has become a transit country for human trafficking, with forced labour, prostitution and child marriages being rampant in the landlocked southeast African country.

    1 US Dollar = 736.04 Malawian Kwacha
    Currency Code = MWK
    Malawian Kwacha

  • #8. Rwandan Franc

    The land of thousand hills, Rwanda, like its neighbor Burundi has been utterly ravaged by interethnic conflict between the Hutu and Tutsi, with Rwandans killing approximately 800,000 of their fellow citizens. The country is making considerable effort to rehabilitate its war-torn economy, coffee and tea being the principal export commodities.

    1 US Dollar = 949.67 Rwandan Franc
    Currency Code = RWF
    Rwandan Franc

  • #7. Congolese Franc

    The DRC is the second largest country of the African continent, while its capital Kinshasa, situated on the Congo river, is the largest city in central Africa. A country rich in natural wealth, Congo has been at the centre of what is called Africa’s world war. The resultant fighting, disease and malnutrition culminating in the loss of up to six million lives, spawning boundless civilian suffering and economic penury.

    1 US Dollar = 1897.36 Congolese Franc
    Currency Code = CDF
    Congolese Franc

  • #6. Burundian Franc

    Interethnic violence between the Hutu majority and the Tutsi minority has plunged this historic kingdom into anarchy, bringing life to the Rundi proverb “Do not call for lightning to strike down your enemies, for it also may strike down your friends”. A resource-poor, landlocked country with an underdeveloped mining sector, agriculture contributes to over 40% of the GDP employing more than 90% of the population.

    1 US Dollar = 1926.56 Burundian Franc
    Currency Code = BIF
    Burundian Franc

  • #5. Tanzanian Shilling

    Birthplace of the majestic Kilimanjaro and prolific Serengeti, The United Republic of Tanzania was formed in 1964 by merging former British strongholds Tanganyika and Zanzibar. Dār al-Sālam, Arabic for Abode of Peace is the largest city, industrial centre, major port and the seat of government. Although blessed with relative domestic stability, economic prosperity continues to evade Tanzanians with many of its people living below the World Bank poverty line.

    1 US Dollar = 2318.03 Tanzanian Shilling
    Currency Code = TZS
    Tanzanian Shilling

  • #4. Ugandan Shilling

    The pearl of Africa and home to Africa’s largest freshwater body, the Lake Victoria, Uganda is striving hard to rise from the ashes of a brutal 20-year insurgency and a debilitating HIV/AIDS epidemic. Ugandan coffee is hugely popular with connoisseurs around the world and is vital to its agricultural economy.

    1 US Dollar = Ugandan Shilling
    Currency Code = 3729.02 UGX
    Ugandan Shilling

  • #3. Malagasy Ariary

    Madagascar is the fourth largest island in the world, after Greenland, New Guinea, and Borneo. It is predominantly populated by the Malagasy peoples, a complex of about 20 ethnic groups, who are primarily related not to African peoples but rather to those of Indonesia. Formerly a French Colony, Madagascar, like many other African countries has been afflicted by prolonged periods of political instability, violent coups, unrest and disputed elections, international condemnation and economic sanctions. Notwithstanding an abundance of natural resources and a tourism industry famed for its unique wildlife, the country remains one of the world’s poorest, and is heavily dependent on foreign aid.

    1 US Dollar = 3879.17 Malagasy Ariary
    Currency Code = MGA
    Malagasy Ariary

  • #2. Guinean Franc

    Guinea, formerly French Guinea, achieved independence in 1958. It has, ever since, been plagued by political strife with successive governments having failed to address the country’s crumbling economy. A poor country of approximately 12.9 million people in 2016, ironically, it possesses the world’s largest reserves of bauxite and largest untapped high-grade iron ore reserves, as well as gold and diamonds. In addition, Guinea has fertile soil, ample rainfall, and is the source of several West African rivers, including the Senegal, Niger, and Gambia, with great potential for export of hydro-electric power. Persistent political instability, reappearance of the Ebola virus epidemic, low international commodity prices, and an enduring legacy of corruption, inefficiency, and lack of government transparency continue to bedevil economic development.

    1 US Dollar = 9665.88 Guinean Franc
    Currency Code = GNF
    Guinean Franc

  • #1. Sierra Leonean Leone

    Sierra Leone is infamous in transatlantic slave trade history as the departure point of thousands of West African captives. Freetown, one of the world’s largest natural harbours, was founded as a home for repatriated former slaves in 1787. Originally christened Serra Lyoa after the Lion Mountains surrounding the harbour, the country’s troubled past continues to haunt its future. Although rich in natural resources such as diamonds, gold, bauxite, and rutile (titanium dioxide), the trade in illicit gems also known as blood diamonds has perpetuated the brutal civil war which severely crippled its economy.

    1 US Dollar = 9797.40 Sierra Leonean Leone
    Currency Code = SLL
    Sierra Leonean Leone


That is all on the list of the top 10 lowest currency in Africa as of 2023. Hopefully, you found this post useful. Keep visiting us for more updates from the world of foreign exchange and finance.

See also: Top 15 Highest Currency in Africa

FAQs About Africa’s Lowest and Weakest Currencies

Which country has the lowest currency in Africa?
Sierra Leone has the lowest currency in Africa in 2023. 1 US Dollar = 9797.40 Sierra Leonean Leone.

See also: Weakest Currencies in the World | Convert Currencies Online

Which is the strongest currency in Africa?
The strongest currency in Africa is Libyan Dinar. 1 Libyan Dinar equals 0.73 United States Dollar.

See also: List of Word’s Strongest Currencies