In a dramatic slump that got the Nigerian masses gasping for breath from choking inflation since June 1, 2023, Nigeria’s currency, the Naira has been made to become the number two weakest currency in the world after its exchange for one dollar rises to as high as N1,000
The Ugandan Shelling ranks number 10 amongst weakest currencies in the world. Ugandan Shelling (UGX) exchanges a whopping UGX 3,741 to one dollar at the time of filing this report.
Uganda, as with Nigeria is an oil, gold and coffee -rich country. The factors responsible for the failure of the UGX and the entire Ugandan economy are similar to those responsible for Nigeria’s naira failure and the near collapse of the country’s economy namely; a record of unstable economic growth, sizeable debt and political unrest.