January 2024 Currency Risk: African central banks rally for exchange rate stability
Stears Outlook
Key questions
  1. 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? 
  2. 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

This story is only available to Premium subscribers Subscribe or sign in to finish reading

Not ready to subscribe? Register to read a selection of free stories

Dumebi Oluwole

Dumebi Oluwole

Read Latest

Cold Storage in Africa IV: Cooling-as-a-Service Investment trends, Opportunities (July 2025)

PREMIUM - 04 JUL 2025

Cold Storage in Africa III: Cold Chain Platform Investment Trends, Opportunities (July 2025)

PREMIUM - 03 JUL 2025

July 2025 Southern Africa Macro Outlook: South Africa, Zambia

PREMIUM - 02 JUL 2025

July 2025 Central Africa Macro Outlook: Cameroon, DRC

PREMIUM - 02 JUL 2025

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download