The Nigerian Naira is among the worst-performing currencies in sub-Saharan Africa, the World Bank in its latest edition of Africa’s Pulse report has said.
According to the report, as of August, the Naira lost about 43 percent.
“By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region.
“The Nigerian Naira continued losing value, with a year-to-date depreciation of about 43 percent as of end-August.”
The report said the continued increase in the demand for dollars and limited dollar inflow is responsible for Naira depreciation in the last months.
“Surges in demand for US dollars in the parallel market, driven by financial institutions, money managers, and non-financial end-users, combined with limited dollar inflows and slow foreign exchange disbursements to currency exchange bureaus by the central bank explain the weakening of the naira,” it said.
Naira plummeted to a new record low, closing at N1,700 per dollar in the parallel market on October 14, 2024, according to data from Bureau de Change (BDC) operators.
