₦airaland Forum

735i:
It is impossible for a currency to depreciate by over 100%. This is shabby reporting.
It's true that the currencies listed have performed very badly, but their computations are wrong.

For a currency to be negative 100, it means that you holding the currency is you owing in USD, which is impossible.

/

In the book of Common sense and economic report, (+) is appreciation while (-) indicates depreciation. Eg. BTCUSD (-5%) means it depreciated 5% at the reporting time compared to the previous close level.

Look at the example below about European market closing report for the day:
/

4th worst currency

735i:
I assume your phone is smart, so it'd have a calculator.
Now, assume exchange rate at the beginning of the year was N1,200.
On your calculator, punch in N1,200 minus 100%.
Tell me what your answer is.

You see, your phone is smart, but you're not.

Chai! Who waste money on top your head like this? I feel sorry for your parents, you're a big clown and don't know when to keep shut to save ur parents the embarrassment.
What's the meaning of #1200 - 100%?? God forbid this level of dumbness.

bouncin04:
Surprisingly North Korea isn't part of the list hmmm.

even Iran currency

Namaster:
Tinubu is in over his heads. He has no idea what he is doing in Nigeria.

Nigeria is not Lagos. Nigeria is a 1000X more TUMULTUOUS with actors whose stock in trade is sabotaging the government.

His questionable history doesn't help. His lopsided appointments make things worse. He hands out appointments like a kid handing out lollipops at his birthday party—overlooking people who deserve it because they are not his "friends".

He has won politics in Nigeria. It's time to resign and go back to Bourdillion.

Ordinary South Sudan that gained independence in 2011 has a currency that is doing better than Naira.

Tinubu has failed!

It is good you get this in context. The depreciation in Venezuela is 51% but do you know the exchange rate there?

1.00 US Dollar = 3,622,107.41 Venezuelan Bolívares

They are an oil rich country. May Nigeria not even get close to this.

735i:
It is impossible for a currency to depreciate by over 100%. This is shabby reporting.
It's true that the currencies listed have performed very badly, but their computations are wrong.
For a currency to be negative 100, it means that you holding the currency is you owing in USD, which is impossible.

You have Oil in your brain,bro!
Those who are playing politics are just still annoyed for the elections loss,hence can't think on economic parameters!

735i:
It is impossible for a currency to depreciate by over 100%. This is shabby reporting.
It's true that the currencies listed have performed very badly, but their computations are wrong.

For a currency to be negative 100, it means that you holding the currency is you owing in USD, which is impossible.

Ndi economist una wehdone o, nah so una go dey blow grammar with no evidence.

CannibalTorment:
You are calling someone that singlehandedly trashed and defeated Peter girigory Obi and his people with the full support of igbos a failure despite some of his people were against him, what will call Peter girigory Obi that all igbos supported and still came third. That woman is selling fish not like the Anambra women selling 5 children for pantry #50k even goat is more than 10k

This una stolen victory still dey shack una sha, can you swear with amadioha that Tilumbu truly won the election without any external interferences? If you have the heart then let's fix a date, it's my bet that you wont last 7days after you've swore.
Now that Ebola is in the driver seat how exactly has the country faired? I dont know why you people are so concerned about winning an election but good governance seems not to be your business.

735i:
It is impossible for a currency to depreciate by over 100%. This is shabby reporting.
It's true that the currencies listed have performed very badly, but their computations are wrong.

For a currency to be negative 100, it means that you holding the currency is you owing in USD, which is impossible.

in your mind u think u are smart. 200% means it has lost twice it's value.

aikfrank:
Even Russia who's currency has been blocked by major world leaders isn't here.

Russia's economy is performing very well despite all the sanctions. that is the result of having a smart leader. h may be a dictator but u cannot deny that the Russian leader is extremely smart.

Feintline:
Remove argetina from that list. The new President has given the country an incredible turnaround in less than 3 months.

The new president is a peter obi like person that leads by personal example.
Argentina is on a massive rebound.
The president has dealt a fatal blow to corruption beginning from himself, his ministers and so on.

In the case of Nigeria.
Tinubu himself is the corruption ceazer.
He grabbed power on a platform of corruption and criminality.

In the words of Daniel bwala, if you like give tinubu 30yrs, there is nothing he will do.

But I heard that Nigeria is joining the BRICS nations to detach the Naira from the Dollar?

735i:
It is impossible for a currency to depreciate by over 100%. This is shabby reporting.
It's true that the currencies listed have performed very badly, but their computations are wrong.

For a currency to be negative 100, it means that you holding the currency is you owing in USD, which is impossible.

If the naira used to exchange at 50 naira to dollar and then it fell to 100 naira to a dollar, what is the percent depreciation?
What if the rate had become 200 naira to a dollar instead, what would be the percent depreciation?

But even if wrong, Please bros, what does the correct maths change about Nigeria's present reality?


Nigerians are smart, arguably one of the most intelligent people on earth. But many times our intelligence lead to overanalysis of reality, majoring on minor and in the process trivializing issues. When the masses cry out against some government's actions/policies, Politicians have learnt not to take us serious or lift a finger to change the situation. Politicians know that by our own selves we will counter one another's arguments until the matter die

Zambia, shouldn't be on that list

Just imagine the act of defending bad choices made with irrelevant comparison

ogunsbanjul:
And your bloda who stole Anambra state money to finance his family business is good abi?
Well meaning Nigerians know average Igbo man can sell their family because of money and still be carrying big Bible to deceive people

CannibalTorment:
Peter girigory Obi was disgraceful defeated by eze-chukwu Tinubu of Igbo land

You too like play, sometimes I wonder if you think before typing, keep supporting nonsense, sensible people that support tinibu DAE abroad dae support am, hunger go kill you for this naija, tribalism had taking 100 per cent of you, you think everything you have to say should be about spiting obi, funnily I no Igbo person o, but you don't just have sense

The people you are supporting don't care about you, stop living in delusion.
Tinibu son dae ball with Richard mille, I believe your highest bought wrist watch may not have exceeded 15k.
The other day I saw abachas family balling, the ones that supports them like you may still be suffering

It means that naira is the 4th worst currency in the world . Okpari.

735i:
It is impossible for a currency to depreciate by over 100%. This is shabby reporting.
It's true that the currencies listed have performed very badly, but their computations are wrong.

For a currency to be negative 100, it means that you holding the currency is you owing in USD, which is impossible.

I think you got it wrong. A currency can depreciate or appreciate with no cap - it can go negative 1000%. What matters is the benchmark. If reference is taken from say last year when official rate was around 500 Naira to a Dollar, then match it with today's almost 1500 Naira to a Dollar. That's 3X thus - 300%. Hope you get the gist

Na Binance cause am 🤣😆🤣. You can't give what you don't have. Mr Tinubu must get down to serious work not witch hunting and making awkward economic policies.

Feintline:
Remove argetina from that list. The new President has given the country an incredible turnaround in less than 3 months.

The new president is a peter obi like person that leads by personal example.
Argentina is on a massive rebound.
The president has dealt a fatal blow to corruption beginning from himself, his ministers and so on.

In the case of Nigeria.
Tinubu himself is the corruption ceazer.
He grabbed power on a platform of corruption and criminality.

In the words of Daniel bwala, if you like give tinubu 30yrs, there is nothing he will do.

You are completely wrong about Argentina. Since that president got in he has devalued their currency, the peso, more and removed more subsidies. Their currency performed worse than naira. The inflation he met at 190% is now 250%. Prices are changing faster in Argentina than in Nigeria. Then the Argentine president increased his salary and only reduced it back when people complained.

Of course you are correct. The Argentine president is another Peter Obi, all talk and bad performance on the economy. Just like all of them including the Balablu in power in Aso Rock

Gggjhhj:
You too like play, sometimes I wonder if you think before typing, keep supporting nonsense, sensible people that support tinibu DAE abroad dae support am, hunger go kill you for this naija, tribalism had taking 100 per cent of you, you think everything you have to say should be about spiting obi, funnily I no Igbo person o, but you don't just have sense

The people you are supporting don't care about you, stop living in delusion.
Tinibu son dae ball with Richard mille, I believe your highest bought wrist watch may not have exceeded 15k.
The other day I saw abachas family balling, the ones that supports them like you may still be suffering

Are you sure that man can afford a #15k wristwatch?

TheOgaBoss:
Russia's economy is performing very well despite all the sanctions. that is the result of having a smart leader. h may be a dictator but u cannot deny that the Russian leader is extremely smart.

And he loves his country. Nigerians from their leaders to the masses don't love Nigeria.

735i:
I assume your phone is smart, so it'd have a calculator.
Now, assume exchange rate at the beginning of the year was N1,200.
On your calculator, punch in N1,200 minus 100%.
Tell me what your answer is.

You see, your phone is smart, but you're not.

Stop it. So if your son brings home a maths assignment on percentage decrease/increase you will teach him this nonsense?

This is how to do it: Subtract the old value from the new value. Put the difference over the old value and multiply by 100.

Statistic is not important to Tifnubu.

735i:
It is impossible for a currency to depreciate by over 100%. This is shabby reporting.
It's true that the currencies listed have performed very badly, but their computations are wrong.

For a currency to be negative 100, it means that you holding the currency is you owing in USD, which is impossible.

Depreciation rate *year to year*. When comparing two negative values, we describe the findings in | |

Calitoscassius:
Statistic is not important to Tifnubu.

Na statistic we go chop!!!

References1:
StatiSense

You guys like to amplify negative fake news about Nigeria. This is not true.
Source: Yahoo news


15 Weakest Currencies in The World in 2024

USB
+0.93%

JPM
+1.24%

^GSPC
+0.63%
Minal Zaheer
February 20, 2024·9 min read
In this article:

USB
+0.93%
Watchlist

Watchlist
Recent Research
|
12d
yahoo plus badge
Large Cap US Pick List - March 2024

JPM
+1.24%


^GSPC
+0.63%

In this article, we will take a look at the 15 weakest currencies in the world in 2024. If you would like to skip our discussion on the foreign exchange market, you can go to the 5 Weakest Currencies in The World in 2024.

The global foreign exchange market is estimated to be valued at $752.7 billion as of 2023. The market is predicted to expand at a compound annual growth rate (CAGR) of 6.5% to reach a value of $1023.91 billion by 2028. The global foreign exchange market turnover is influenced by reporting dealers who contribute to liquidity throughout the day. These dealers engage in buying and selling foreign currency at their set prices, maintaining a continuous offering of prices throughout the day. This impacts the daily forex market cap and shapes predictions regarding the market's future. A key factor driving the growth of the foreign exchange market is the increasing trend of urbanization and digitalization. These factors are reshaping the foreign exchange market landscape, with digital technologies influencing trading methods and access to currency markets.

Europe is forecasted to contribute 43% to the overall growth of the global foreign exchange market during the period between 2023-2028. Similarly, North America is also expected to experience growth. From 2020 to 2021, currency transactions in North America increased by 3.6%, largely due to consistent monitoring and trade regulation in the region. The initial phase of the pandemic in North America caused numerous industrial facilities to temporarily close, which had an effect on 2020's foreign exchange operations. However, when COVID-19 immunization efforts began in 2021, the foreign exchange market in North America showed signs of stability and confidence. For instance, the USD experienced a recovery amid signs of economic revival. You can also check out the 15 Strongest Currencies in the World in 2024 here.

Major Players in Foreign Exchange Services
Key industry players are significantly contributing to the growth of the foreign exchange market. One such company is Bank of America Corporation (NYSE:BAC), catering to small and middle-market businesses, large corporations, and individual consumers with a comprehensive range of banking services. Bank of America Corporation (NYSE:BAC) facilitates the online ordering of foreign currency through a mobile banking app for individuals with savings accounts or at branches for credit card holders.

Moreover, JPMorgan Chase & Co. (NYSE:JPM) is another prominent financial services company operating in the industry. The company specializes in cross-border payments, operating in over 200 countries and territories, enabling individuals to send and receive money in more than 120 currencies. As of December 31, 2023, JPMorgan Chase & Co. (NYSE:JPM) reported holding assets totaling $3.9 trillion and stockholders' equity amounting to $328 billion.

Here's what Vltava Fund said about JPMorgan Chase & Co. (NYSE:JPM) in its Q4 2023 investor letter:

“Last spring, the US went through a brief banking crisis that cost several smaller and medium-sized banks their lives. One of them, First Republic Bank, with assets of $230 billion, went into receivership and was bought out by the largest US bank, JPMorgan Chase & Co. (NYSE:JPM). The acquisition terms were very favourable for JPM and the facts that few, if any, other banks could have taken over the whole of First Republic Bank in its then-present state while guaranteeing more than $100 billion of its deposits played a role. JPM could do it. It is not only the largest, but also by its balance sheet the strongest US bank and, in our opinion, clearly the best managed. It has come out of this crisis even stronger. We have actively followed the banking sector for 20 years in many countries around the world. Our view is that a well-managed bank can be a very good long-term investment but that it is better to focus on the best and highest quality available. Banking is not a sector where it pays to trade quality for cheaper valuations. That is why we hold JPM.”

Another key player in the industry, Commonwealth Bank of Australia (ASX:CBAPK), provides the convenience of ordering foreign currency online through ExpressFX, with the flexibility to order up to $10,000. The online ordering platform offers a variety of options with up to 30 currencies available. Customers also have the alternative to purchase foreign currency in person at the branch.

In a press release on February 14, 2024, the Commonwealth Bank of Australia (ASX:CBAPK) highlighted its achievements, asserting its position as Australia's largest home lender. The bank played a significant role in helping over 60,000 customers acquire new homes during the half-year period. Moreover, they contributed to business growth by extending $18 billion in new business loans. As Australia's primary savings bank, they hold more than 26% of all household deposits.

15 Weakest Currencies in The World in 2024
15 Weakest Currencies in The World in 2024
Photo by Christian Dubovan on Unsplash

Our Methodology
To shortlist the 15 weakest currencies in the world in 2024, we took into account two primary metrics, namely the inherent strength of a currency in relation to exchange rates and its volume of foreign exchange trade. Information related to Forex trading volumes and exchange rates was sourced from CMC Markets, a financial services company based in the UK, and Forex.com. For the purpose of ranking, we have used the latest exchange rates in terms of the US Dollar.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

Here’s the list of the weakest currencies in the world in 2024.

15 Weakest Currencies in The World in 2024
15. Congolese Franc (CDF)
1 USD = 2,750.00 CDF

The Congolese Franc is the currency of the Democratic Republic of Congo. Created in 1997 -- it is one of the weakest currencies in the world and continues to depreciate against the US dollar. In January 2024, the official exchange rate witnessed a weekly depreciation of 1.34%. This decline is attributed to the prevalent political instability and a scarcity of economic opportunities within the country.

14. Burundian Fran (BIF)
1 USD = 2,854.10 BIF

The Burundian Franc is Burundi's currency. It is amongst the weakest currencies due to the country's heavy reliance on agriculture and the absence of industrialization. Despite Burundi's decent food production, the economy has contracted by 25% in recent years, primarily attributed to civil unrest and overpopulation. Therefore, the nation heavily depends on humanitarian assistance and has a substantial national debt, reaching billions.

13. Ugandan Shilling (USH)
1 USD = 3,867.78 USH

The weakness of the Ugandan Shilling can be attributed to historical challenges faced during the government of Idi Amin, particularly in economic and immigration policies. Despite some improvements in recent years, the currency has depreciated around 5% against USD during the financial year 2023, indicative of ongoing economic instability and a lack of substantial development.

12. Colombian Peso (COP)
1 USD = 3,912.13 COP

Colombia has experienced significant economic instability, leading to an increase in prices and the depreciation of the country's currency. The Colombian economy relies heavily on exported goods, such as oil and coffee. Fluctuations in global prices for these commodities have a profound impact on the stability of the Colombian currency.

11. Cambodian Riel (KHR)
1 USD = 4,073.56 KHR

The agriculture and tourism sectors serve as Cambodia's main sources of income. The country has a dual-currency system, where US dollars are accepted as legal tender alongside the local currency, the riel. Dollar usage is prominent in urban centers and tourist destinations, while the riel is more commonly used in rural areas. In response to this disparity, the National Bank of Cambodia made efforts in 2020 to remove dependency on dollars slowly.

10. Malagasy Ariary (MGA)
1 USD = 4,542.83 MGA

Madagascar adopted the Malagasy ariary as its main currency in 2005, replacing the franc. Madagascar deals with extreme poverty, as around 69% of its population lives below the poverty line. The country faces challenges of slow economic growth and poverty due to weak governance, lack of development of human resources, and poor infrastructure.

9. Paraguayan Guarani (PYG)
1 USD = 7,283.00 PYG

Paraguay is experiencing a major economic decline characterized by high inflation, increased unemployment rates, a rise in poverty, and heavy corruption. These factors have led to the depreciation of the currency. Paraguayan Guarani is at the ninth position on our list of the 15 weakest currencies in the world in 2024.

8. Guinean Franc (GNF)
1 USD = 8,593.11 GNF

The Guinea Franc (GNF) is the official currency of the Republic of Guinea, divided into smaller units known as centimes, although centime coins are no longer in circulation due to their low purchasing power. The GNF operates on a floating exchange rate and is considered weak, primarily due to Guinea's economic instability and high inflation rate.

7. Uzbekestani Som (UZS)
1 USD = 12,339.85 UZS

The economy of Uzbekistan experienced significant challenges due to the impact of the Covid-19 pandemic. While internal economic activities resumed in the third quarter of 2022, the decline in industrial output created uncertainty regarding the future of the country's currency. Despite increased government efforts to stabilize the currency, success has been limited or non-existent.

6. Lebanese Pound (LBP)
1 USD = 15,023.74 LBP

The depreciation of the Lebanese pound is due to a severe economic crisis that began in 2019 and is considered one of the worst by the World Bank since the mid-19th century. By October 2019, Lebanon faced four major challenges leading to the crisis. Firstly, the extremely high government debt made defaulting seemingly inevitable. Secondly, banks, which had lent a significant portion of their funds to the government, were facing a shortage of cash. Thirdly, the economy had not experienced growth for a decade, resulting in numerous social and political problems. Lastly, the country was in a state of political chaos, lacking clear leadership to address the crisis.

Terrible

You people are very funny.

What do we produce in Nigeria ?

What is our export data like?

What was the exchange rate management system before now?

All I see here are people comparing food prices and using that as a yardstick to determine if the president has failed or not.

Food that is even imported.

remiopash:
You guys like to amplify negative fake news about Nigeria. This is not true.
Source: Yahoo news


15 Weakest Currencies in The World in 2024

USB
+0.93%

JPM
+1.24%

^GSPC
+0.63%
Minal Zaheer
February 20, 2024·9 min read
In this article:

USB
+0.93%
Watchlist

Watchlist
Recent Research
|
12d
yahoo plus badge
Large Cap US Pick List - March 2024

JPM
+1.24%


^GSPC
+0.63%

In this article, we will take a look at the 15 weakest currencies in the world in 2024. If you would like to skip our discussion on the foreign exchange market, you can go to the 5 Weakest Currencies in The World in 2024.

The global foreign exchange market is estimated to be valued at $752.7 billion as of 2023. The market is predicted to expand at a compound annual growth rate (CAGR) of 6.5% to reach a value of $1023.91 billion by 2028. The global foreign exchange market turnover is influenced by reporting dealers who contribute to liquidity throughout the day. These dealers engage in buying and selling foreign currency at their set prices, maintaining a continuous offering of prices throughout the day. This impacts the daily forex market cap and shapes predictions regarding the market's future. A key factor driving the growth of the foreign exchange market is the increasing trend of urbanization and digitalization. These factors are reshaping the foreign exchange market landscape, with digital technologies influencing trading methods and access to currency markets.

Europe is forecasted to contribute 43% to the overall growth of the global foreign exchange market during the period between 2023-2028. Similarly, North America is also expected to experience growth. From 2020 to 2021, currency transactions in North America increased by 3.6%, largely due to consistent monitoring and trade regulation in the region. The initial phase of the pandemic in North America caused numerous industrial facilities to temporarily close, which had an effect on 2020's foreign exchange operations. However, when COVID-19 immunization efforts began in 2021, the foreign exchange market in North America showed signs of stability and confidence. For instance, the USD experienced a recovery amid signs of economic revival. You can also check out the 15 Strongest Currencies in the World in 2024 here.

Major Players in Foreign Exchange Services
Key industry players are significantly contributing to the growth of the foreign exchange market. One such company is Bank of America Corporation (NYSE:BAC), catering to small and middle-market businesses, large corporations, and individual consumers with a comprehensive range of banking services. Bank of America Corporation (NYSE:BAC) facilitates the online ordering of foreign currency through a mobile banking app for individuals with savings accounts or at branches for credit card holders.

Moreover, JPMorgan Chase & Co. (NYSE:JPM) is another prominent financial services company operating in the industry. The company specializes in cross-border payments, operating in over 200 countries and territories, enabling individuals to send and receive money in more than 120 currencies. As of December 31, 2023, JPMorgan Chase & Co. (NYSE:JPM) reported holding assets totaling $3.9 trillion and stockholders' equity amounting to $328 billion.

Here's what Vltava Fund said about JPMorgan Chase & Co. (NYSE:JPM) in its Q4 2023 investor letter:

“Last spring, the US went through a brief banking crisis that cost several smaller and medium-sized banks their lives. One of them, First Republic Bank, with assets of $230 billion, went into receivership and was bought out by the largest US bank, JPMorgan Chase & Co. (NYSE:JPM). The acquisition terms were very favourable for JPM and the facts that few, if any, other banks could have taken over the whole of First Republic Bank in its then-present state while guaranteeing more than $100 billion of its deposits played a role. JPM could do it. It is not only the largest, but also by its balance sheet the strongest US bank and, in our opinion, clearly the best managed. It has come out of this crisis even stronger. We have actively followed the banking sector for 20 years in many countries around the world. Our view is that a well-managed bank can be a very good long-term investment but that it is better to focus on the best and highest quality available. Banking is not a sector where it pays to trade quality for cheaper valuations. That is why we hold JPM.”

Another key player in the industry, Commonwealth Bank of Australia (ASX:CBAPK), provides the convenience of ordering foreign currency online through ExpressFX, with the flexibility to order up to $10,000. The online ordering platform offers a variety of options with up to 30 currencies available. Customers also have the alternative to purchase foreign currency in person at the branch.

In a press release on February 14, 2024, the Commonwealth Bank of Australia (ASX:CBAPK) highlighted its achievements, asserting its position as Australia's largest home lender. The bank played a significant role in helping over 60,000 customers acquire new homes during the half-year period. Moreover, they contributed to business growth by extending $18 billion in new business loans. As Australia's primary savings bank, they hold more than 26% of all household deposits.

15 Weakest Currencies in The World in 2024
15 Weakest Currencies in The World in 2024
Photo by Christian Dubovan on Unsplash

Our Methodology
To shortlist the 15 weakest currencies in the world in 2024, we took into account two primary metrics, namely the inherent strength of a currency in relation to exchange rates and its volume of foreign exchange trade. Information related to Forex trading volumes and exchange rates was sourced from CMC Markets, a financial services company based in the UK, and Forex.com. For the purpose of ranking, we have used the latest exchange rates in terms of the US Dollar.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

Here’s the list of the weakest currencies in the world in 2024.

15 Weakest Currencies in The World in 2024
15. Congolese Franc (CDF)
1 USD = 2,750.00 CDF

The Congolese Franc is the currency of the Democratic Republic of Congo. Created in 1997 -- it is one of the weakest currencies in the world and continues to depreciate against the US dollar. In January 2024, the official exchange rate witnessed a weekly depreciation of 1.34%. This decline is attributed to the prevalent political instability and a scarcity of economic opportunities within the country.

14. Burundian Fran (BIF)
1 USD = 2,854.10 BIF

The Burundian Franc is Burundi's currency. It is amongst the weakest currencies due to the country's heavy reliance on agriculture and the absence of industrialization. Despite Burundi's decent food production, the economy has contracted by 25% in recent years, primarily attributed to civil unrest and overpopulation. Therefore, the nation heavily depends on humanitarian assistance and has a substantial national debt, reaching billions.

13. Ugandan Shilling (USH)
1 USD = 3,867.78 USH

The weakness of the Ugandan Shilling can be attributed to historical challenges faced during the government of Idi Amin, particularly in economic and immigration policies. Despite some improvements in recent years, the currency has depreciated around 5% against USD during the financial year 2023, indicative of ongoing economic instability and a lack of substantial development.

12. Colombian Peso (COP)
1 USD = 3,912.13 COP

Colombia has experienced significant economic instability, leading to an increase in prices and the depreciation of the country's currency. The Colombian economy relies heavily on exported goods, such as oil and coffee. Fluctuations in global prices for these commodities have a profound impact on the stability of the Colombian currency.

11. Cambodian Riel (KHR)
1 USD = 4,073.56 KHR

The agriculture and tourism sectors serve as Cambodia's main sources of income. The country has a dual-currency system, where US dollars are accepted as legal tender alongside the local currency, the riel. Dollar usage is prominent in urban centers and tourist destinations, while the riel is more commonly used in rural areas. In response to this disparity, the National Bank of Cambodia made efforts in 2020 to remove dependency on dollars slowly.

10. Malagasy Ariary (MGA)
1 USD = 4,542.83 MGA

Madagascar adopted the Malagasy ariary as its main currency in 2005, replacing the franc. Madagascar deals with extreme poverty, as around 69% of its population lives below the poverty line. The country faces challenges of slow economic growth and poverty due to weak governance, lack of development of human resources, and poor infrastructure.

9. Paraguayan Guarani (PYG)
1 USD = 7,283.00 PYG

Paraguay is experiencing a major economic decline characterized by high inflation, increased unemployment rates, a rise in poverty, and heavy corruption. These factors have led to the depreciation of the currency. Paraguayan Guarani is at the ninth position on our list of the 15 weakest currencies in the world in 2024.

8. Guinean Franc (GNF)
1 USD = 8,593.11 GNF

The Guinea Franc (GNF) is the official currency of the Republic of Guinea, divided into smaller units known as centimes, although centime coins are no longer in circulation due to their low purchasing power. The GNF operates on a floating exchange rate and is considered weak, primarily due to Guinea's economic instability and high inflation rate.

7. Uzbekestani Som (UZS)
1 USD = 12,339.85 UZS

The economy of Uzbekistan experienced significant challenges due to the impact of the Covid-19 pandemic. While internal economic activities resumed in the third quarter of 2022, the decline in industrial output created uncertainty regarding the future of the country's currency. Despite increased government efforts to stabilize the currency, success has been limited or non-existent.

6. Lebanese Pound (LBP)
1 USD = 15,023.74 LBP

The depreciation of the Lebanese pound is due to a severe economic crisis that began in 2019 and is considered one of the worst by the World Bank since the mid-19th century. By October 2019, Lebanon faced four major challenges leading to the crisis. Firstly, the extremely high government debt made defaulting seemingly inevitable. Secondly, banks, which had lent a significant portion of their funds to the government, were facing a shortage of cash. Thirdly, the economy had not experienced growth for a decade, resulting in numerous social and political problems. Lastly, the country was in a state of political chaos, lacking clear leadership to address the crisis.

Others;

5. Indonesian Rupiah (IDR)
1 USD = 15,619.25 IDR
Indonesia faced many challenges, including the 1997 Asian financial crisis, the 2007-2008 Great Recession, and the Covid-19 pandemic, all contributing to the weakness of the rupiah. Furthermore, declining foreign exchange reserves worsened the depreciation of the currency. With limited reserves, Indonesia’s central bank, Bank Indonesia, faces difficulties protecting its currency from rising US interest rates.

4. Sierra Leonean Leone (SLL)
1 USD = 19,750.00 SLL
Sierra Leonean Leone (SLL) was introduced as the replacement for the British West African pound in 1964. During the 1980s, there was a short time when the SLL’s value surpassed the US dollar before it began facing depreciation. The civil war in Sierra Leone further increased inflation, resulting in the introduction of many versions of the SLL to stabilize the currency. Both the old and new versions of the SLL are still in use. However, inflation is still rising and is at a rate of 37.8%.

2. Vietnamese Dong (VND)
1 USD = 24,462.50 VND
After the reunification of Vietnam in 1978, the Northern dong and Southern dong were combined into a single currency. However, economic challenges led to adjustments to strengthen the currency. These measures proved counterproductive, leading to a staggering 774% inflation rate by 1986. Despite subsequent efforts to stabilize the currency, the impact of this economic downturn persists, making VND one of the weakest currencies in the world.


1. Iranian Rial (IRR)
1 USD = 42,030.00 IRR
The Iranian rial is one of the world’s least valuable currencies. Many factors have led to its depreciation. Following the Islamic Revolution in 1979, foreign investors withdrew from Iran, contributing to a decline in the currency’s value. Moreover, the Iran-Iraq war increased economic challenges and political unrest in the country. As of 2023, the inflation rate in Iran has risen to approximately 47%.

Somalia and Afghanistan was excluded ... God is wonderful

References1:
StatiSense

Chaiii . Benin Republic cfa don improve, dem no even dey the list. That's the result of consistency. That small country of yesterday with one of the poorest currencies in the world is fast becoming a global tourist destination. Each line I visit Cotonou, I feel like I'm in Europe. See white tourists everywhere in their ęgbęjoda(uniforms) . The last time I visited, they came from as far as Canada on tourism to Benin Republic. Meanwhile, na naija dey japa go Canada.

That's same mushroom country which the apc thought would see shege on hunger by closing their borders against us. The last time I checked, it's Nigeria shouting evimpawon ooo, with massive protests making global news media headlines, l'obatan