A while back, we published an article about the performance of the most traded currencies in the world during this year and the strongest and weakest currencies in the world this year. But what about the less traded currencies in the different world regions. In this series of articles, we present the performance of the currencies per region against the Euro.
In general, all African currencies (except those with a fixed exchange rate) saw a devaluation against the Euro during 2020, although in some cases, it was much steeper than in others. It is also crucial to point out that most of these currencies count with a parallel market for foreign exchange and that trading with official rates is restricted in most cases.
Morocco (1€= 10,75 MAD)
The sixth-largest economy in Africa, and popular tourist destination, Morocco, suffered a hit from COVID-19, mostly in the service industry. In contrast, the primary and secondary sectors of the economy have shown signs of recovery. The Moroccan currency was devalued by 0,19% during this year.
Libya (1€=1,58 LYD)
One of Africa’s Strongest economies, thanks to the Oil production that represents 90% of its exports, Libya’s fixed-rate Dinar presented a low devaluation in official terms, a 0,64% compared to the Euro. However, this can be different in the black market, which circulates enormous quantities of foreign currency.
Egypt (1€=18,29 EGP)
The third-largest economy in Africa, with growing foreign investments, Egypt, and the Egyptian pound, present themselves as one of the winners of 2020 in Africa. The EGP devalued by 1,67% during 2020.
Cape verde (1€= 110,32 CVE)
With a Devaluation of almost 120%, the Cape Verdean Escudo is the African currency that performed worst in official terms during this year. This island nation bases its economy on tourism, which took a big blow during the year because of the pandemic.
Mozambique (1€=85,32 MZN)
The second country on our top worst currency performers in Africa is Mozambique. The national currency, the Metical, was devalued by 68,52% during 2020. The COVID-19 (coronavirus) pandemic reached Mozambique at a weak moment in its economic history. The country attempted to recover from two major shocks: the hidden debt crisis and cyclones Idai and Kenneth’s devastating effects in 2019.
Zambia (1€=23,97 ZMW)
Zambia has the 3rd worst performing currency in Africa. The kwacha lost 51% of its value during the year. With the COVID-19 showing Zambia’s weaknesses, the fall in demand for copper (Zambia is the second-largest producer in Africa) produced a significant weakening of the economy.
Here is a full list of the African currencies’ performance against the Euro.
|Country||Currency||Rate to € jan||Rate to € nov||Change||Abbreviated|
|Cape verde||Cape Verdean Escudo||50,63||110,32||117,89 %||CVE|
|Mozambique||Mozambican metical||50,63||85,32||68,52 %||MZN|
|Zambia||Zambian Kwacha||15,79||23,97||51,80 %||ZMW|
|Seychelles||Seychellois rupee||15,34||22,51||46,74 %||SCR|
|Angola||Angolan Kwanza||541,04||775,09||43,26 %||AOA|
|Sudan||Sudanese Pound||50,63||64,41||27,22 %||SDG|
|Ethiopia||Ethiopian Birr||35,9||43,74||21,84 %||ETB|
|Congo DR||Congolese franc||1892,69||2290,24||21,00 %||CDF|
|Lesotho||Lesotho loti||15,71||19||20,94 %||LSL|
|Namibia||Namibian Dollar||15,71||19||20,94 %||NAD|
|South africa||South african Rand||15,71||18,94||20,56 %||ZAR|
|Mauritius||Mauritian rupee||40,8||46,56||14,12 %||MUR|
|Algeria||Algerian Dinar||133,56||150,12||12,40 %||DZD|
|Madagascar||Malagasy Ariary||4074,75||4573,33||12,24 %||MGA|
|Kenya||Kenyan Shilling||113,71||126,76||11,48 %||KES|
|Botswana||Botswana Pula||11,97||13,29||11,03 %||BWP|
|Nigeria||Nigerian Naira||406,17||443,74||9,25 %||NGN|
|Rwanda||Rwandan franc||1056,02||1135,54||7,53 %||RWF|
|Burundi||Burundian franc||2116,28||2261,16||6,85 %||BIF|
|Malawi||Malawian Kwacha||826,19||879,73||6,48 %||MWK|
|Guinea||Guinean Franc||10696,78||11386,14||6,44 %||GNF|
|Ghana||Ghanaian Cedi||6,39||6,8||6,42 %||GHS|
|Uganda||Ugandan Shilling||4111,86||4355,4||5,92 %||UGX|
|Sierra leone||Sierra leonean leone||10940,96||11564,13||5,70 %||SLL|
|Somalia||Somali Shilling||643,81||680,11||5,64 %||SOS|
|South Sudan||South Sudanese pound||145,61||153,57||5,47 %||SSP|
|Tanzania||Tanzania Shilling||2578,37||2700,52||4,74 %||TZS|
|Zimbabwe||RTGS dollar||406,07||422,595||4,07 %||ZWD|
|Eritrea||Eritrean Nafka||16,83||17,5||3,98 %||ERN|
|Djibouti||Djibouti franc||199,47||207,34||3,95 %||DJF|
|Tunisia||Tunisian Dinar||3,11||3,23||3,86 %||TND|
|Egypt||Egyptian Pound||17,99||18,29||1,67 %||EGP|
|Liberia||Liberian Dollar||210,66||213,23||1,22 %||LRD|
|Libya||Libyan Dinar||1,57||1,58||0,64 %||LYD|
|Morocco||Moroccan Dirham||10,73||10,75||0,19 %||MAD|
|CFA||CFA franc||655,95||655,96||0,00 %||XAF|
|Comoros||Comorian Franc||491,97||491,95||0,00 %||KMF|
|Santo Tomé & Principe||St&P dobra||24,72||24,48||-0,97 %||STN|
— Fyggex (@fyggexchange) August 12, 2020
*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.