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

Naira Listed Among Worst Performing Currencies in Africa – World Bank

580

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Your email address will not be published.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

NewsSecurity

AES and Malian Armed Forces Intensify Counter-Terror Operations Across Key Regions, Claim Major Victories

In recent weeks, there has been an increase in barbaric attacks targeting...

NewsSecurity

Nigerien Army Foils Planned Terrorist Attack Near Wanzarbé, Eliminates Militant Leaders in Early Strike

Nigerien troops thwarted a planned terrorist attack near the town of Wanzarbé...

FinanceNews

Field Check Shows Less Than 30km Completed on Lagos-Calabar Coastal Highway, Contrary to Official Claims

A recent independent investigation has revealed that the Federal Government’s claim of...

Irokotv
EntertainmentMoviesNews

We Spent $100 Million Trying To Win – Jason Njoku On IrokoTV

Years after betting big on Nigeria’s streaming market, IrokoTV’s co-founder and CEO,...