The Nigerian Naira is among the worst-performing currencies in sub-Sahara Africa at the end of August 2024.
The World Bank disclosed this in its latest edition of Africa’s Pulse report.
Report showed that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.
The report blamed the continued increase in the demand for dollars and limited dollar inflow for Naira depreciation in the last months.
According to the report, the Naira lost about 43 percent as of August.
“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.
“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.
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