Home News Finance Naira Listed Among Worst Performing Currencies in Africa – World Bank
FinanceNews

Naira Listed Among Worst Performing Currencies in Africa – World Bank

479

The naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa for 2024. This is according to the World Bank’s latest Africa’s Pulse report.

The report revealed that by the end of August 2024, the naira had depreciated by about 43 per cent year-to-date. This positioned it alongside the Ethiopian birr and South Sudanese pound as the region’s weakest currencies.

The depreciation is attributed to increasing demand for U.S. dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s Central Bank. The Federal Government and Central Bank’s inconsistent policies have also largely contributed to the depreciation of the currency.

The Kenyan shilling and South African ran also faced challenges in 2023 but have shown signs of recovery in 2024. By the end of August, the Kenyan shilling strengthened by 21 per cent, making it one of the region’s top-performing currencies. Meanwhile, Nigeria continues to struggle with dwindling foreign currency reserves and inflation. The naira’s depreciation has also contributed to rising domestic prices, especially for imported goods.

Read More:

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

FG Moves to Hike Electricity Tariff Despite Economic Hardship
News

Tinubu to Spend N10bn on Aso Villa Solar Project as Nigerians Struggle with Power Outages

The Federal Government has allocated N10 billion for a solar mini-grid at...

BusinessNews

33 West Africans Rescued from a Human Trafficking Scheme in Côte d’Ivoire

Police in Côte d’Ivoire have rescued 33 West Africans from a human...

NewsSecurity

Malian Army Intensifies Antiterror Strikes Near Algerian Border Following Algeria Escalation

The Malian Armed Forces (FAMa) have intensified their counter-terror operations near the...

NewsSecurity

Suspected Coup Plot in Burkina Faso: Several Military Officers Arrested

Authorities in Burkina Faso have reportedly arrested several military officers, including two...