2023 for Nigeria and Kenya, much like every other country in the world had its ups and downs. While both countries recorded significant growth across numerous industries, there were still instances of socio-economic drawbacks. Africa in general was faced with a myriad of challenges, not the least of which was currency devaluation.

Beyond economic instability, African nations struggling with underperforming currencies confront a multitude of other difficulties. The drawbacks of weak currencies become evident when these countries negotiate the intricacies of world banking, affecting many aspects of their communities and impeding opportunities for sustainable growth.

While some African nations managed to maintain the integrity of their currencies, a few African nations struggled. As seen in the business publication, Business Day, a chart by Bloomberg, showed the 10 worst-performing currencies of 2023, 7 of which were African.

Source: Business Insider