Nigeria’s currency has been named among the worst-performing currencies in Sub-Saharan Africa in 2024. A new report by the World Bank on its latest edition of Africa’s Pulse revealed this. As of the end of August 2024, the naira had depreciated by about 43 per cent year-to-date.... CLICK TO READ THE FULL NEWS HERE▶▶
This has made the naira one of the region’s weakest currencies, closely followed by the Ethiopian birr and South Sudanese pound.
Rising demand for the US dollars, limited dollar inflows and delays in foreign exchange disbursements by the Central Bank of Nigeria are some of the factors attributed to the depreciation of the Nigerian currency.
The World Bank’s report also stated that demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.
Parts of the report read: “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 per cent 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.”... CLICK TO READ THE FULL NEWS HERE▶▶
