Markets and investing

The best and worst performing African currencies of 2016

But Bitcoin rocked 2016 hands down

Zambia’s Kwacha and South Africa’s Rand gained 11.6% and 11% against the dollar respectively in 2016 to be among the best performing currencies last year. On the other hand Nigeria’s naira was the fourth worst performing currency against the U.S. dollar in 2016 (-36.68%) while the title of worst performing currency (-58.84%) went to Egypt’s pound.

Meanwhile Bitcoin surged over 79% (and still going), more than triple the Ruble which was the best-performing central-bank issued currency of 2016.

Nigeria’s oil production fell by 0.2 million bpd month over month in December, even as doubts remain as to whether oil cuts under an OPEC deal will materialize.

South Africa’s Johannesburg Stock Exchange cooled off after an enthusiastic start to the year. The all share index closed -0.51%.

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