Twenty-nine African currencies weakened as Middle East Conflict takes toll on the continent

Twenty-nine African currencies have weakened due to ongoing conflicts in the Middle East, raising the costs of servicing external debt and importing food, fuel, and fertilizer. Global oil prices have surged by over 50 percent as of late March, and disruptions linked to Gulf energy supplies limit access to ammonia and urea during the critical March–May planting season. This will impact agricultural production and compound food insecurity risks, especially for low-income households.