Somalia's official exchange rate (SOS per US$) has generally trended upwards from 2015 to 2024, reaching 28,118.33 SOS per US$

Key takeaways:

  • Somalia’s currency has depreciated by 26.4% between 2015 and 2024.
  • The sharpest yearly depreciation was in 2019, at 4.64%.
  • From 2020 to 2021, the SOS saw its smallest year-on-year shift at 1.08%.
  • Despite fluctuations, every year from 2015 to 2024 recorded a net increase in SOS per US$.
  • 2017 recorded near-stable currency performance with just a 0.16% change from the previous year.

The Somalian currency has proven to be one of the weakest in Africa since 2015. The country's official exchange rate has shown a consistent upward trend over the past decade, with the Somali Shilling depreciating from 22,254.24 SOS per US$ in 2015 to 28,118.33 SOS per US$ in 2024.  While the annual rate of change has fluctuated, the general direction is clear: a weakening domestic currency. The year-on-year depreciation averaged around 2.7% over the period, with 2019 marking the steepest annual jump of 4.64%. This gradual decline in the currency's value reflects deeper economic and monetary realities in the country.

Source:

World Bank

Period:

2015 - 2024
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Fifteen months into President Tinubu’s tenure, the rate of one dollar to naira has gone up by 245%
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