African currencies have become a raging topic lately as regions in the continent are gearing towards using a single currency to foster economic unity as well as improve the value of goods and services.
The 15-member state West African regional bloc, ECOWAS, has resolved to use the ECO currency by 2020 after meeting all six convergence criteria set aside to achieve the historic goal.
The criteria, set aside to ensure countries with stronger economies and currencies are treated fairly, include achieving single-digit inflation of 5% or less by each country, a fiscal deficit of no more than 4% of the GDP, a central bank deficit-financing of no more than 10% of the previous year’s tax revenues among others.
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The ECO is expected to boost cross border trade in West Africa if it is successfully implemented. Meanwhile, other regions are also in talks to adopt single currencies like the East African Community which is planning an economic upheaval as a united force.
While these countries are making strides, many others are struggling to maintain the value of their local currencies which can be achieved if they lower inflation, high cost of living and improve on the stock exchange market.
Here are Africa’s weakest currencies measured against the U.S. Dollar which is the most common currency used globally for transactions.
