January 2024 FX outlook: African central banks rally for exchange rate stability
- In December, the Nigerian naira, Kenyan shilling, and South African shed 27% of their value YTD compared to the USD. What factors drove the exchange rate performance in Nigeria, South Africa, and Kenya?
- What is the outlook for each currency for January 2024?
2023 African currencies faced significant challenges amid the global monetary tightening cycle. In this light, the Stears Africa FX monitor tracks the exchange rate performance of sixteen African countries, including the CFA franc for the West African Economic and Monetary Union (WAEMU). This valuable resource is essential for investors, businesses, and professionals seeking to monitor African countries' historical performance, attractiveness, and overall economic health.
In addition to comprehensive data coverage, Stears offers monthly macroeconomic round-ups, providing in-depth analyses of key economic indicators and currency performance. This report specifically delves into insights regarding the economic standing of the "Big Three" Sub-Saharan African economies: Nigeria, South Africa, and Kenya for the year-end 2023.
In December 2023, the official rate of the Nigerian naira, Kenyan shilling, and South African rand experienced large swings, depreciating by an average of 27% compared to 25% in November. Relative to December 2022, the official rate of the
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