Seven months into President Tinubu's first tenure, the rate of one dollar to naira has gone up by 95%
Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?
Tunisia held the top spot with the strongest African currency, trading at 3.11 TND per USD in 2024.
Libya followed as the second-strongest, with an exchange rate of 4.83 LYD per USD.
Morocco maintained a strong regional position, with its dirham trading at 9.94 MAD per USD.
Botswana’s pula was relatively stable, exchanging at 13.56 per USD, highlighting Southern Africa’s economic steadiness.
Ghana and Seychelles had closely matched exchange rates, trading at 14.48 and 14.53 to the dollar, respectively.
South Africa, Lesotho, Namibia, and Eswatini all shared almost identical exchange rates of around 18.32–18.33 per USD, showing tight regional monetary coordination.
Eastern Africa is the continent's fastest-growing region in 2024 with a GDP growth rate of 5.39%, but it also faces the highest inflation at 17.76%.
Southern Africa has the lowest inflation (3.48%) but also the highest unemployment by far, at 28.64%.
Western Africa combines growth (3.57%) with low unemployment (4.53%), positioning it as a relatively stable economic zone.
Central Africa and Northern Africa both lag in GDP growth, at 1.40% and 2.90% respectively, with Central Africa also experiencing moderate inflation and interest rates.
Interest rates are highest in Western (10.84%) and Eastern Africa (10.12%), reflecting tighter monetary policies likely aimed at controlling inflation.
Northern Africa’s 11.15% unemployment rate suggests underlying labour market issues despite moderate inflation and interest rates.
Southern Africa's low interest rate (6.29%) hasn't translated into job creation, indicating that monetary easing alone isn't resolving unemployment challenges.
