The naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024.
This is according to the latest edition of Africa’s Pulse, a new report by the World Bank.
As of the end of August 2024, the naira had depreciated by approximately 43 per cent year-to-date, making it one of the region’s weakest currencies alongside the Ethiopian birr and South Sudanese pound.
The depreciation of the naira is attributed to several factors, including surging demand for United States dollars in the parallel market, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s central bank.
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