By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
NewsunplugNewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Reading: Naira depreciates by 43%, listed among worst-performing currencies in Africa – World Bank
Share
Notification Show More
Font ResizerAa
Font ResizerAa
NewsunplugNewsunplug
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Search
  • Home
  • News
  • Politics
  • Metro
  • Entertainment
  • Sports
  • Lifestyle
  • Journal
Have an existing account? Sign In
Follow US
Newsunplug > Blog > News > Naira depreciates by 43%, listed among worst-performing currencies in Africa – World Bank
News

Naira depreciates by 43%, listed among worst-performing currencies in Africa – World Bank

Godson
Last updated: October 16, 2024 9:14 am
Godson
Published: October 16, 2024
Share
SHARE

The Nigerian naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa in 2024.

This is according to the World Bank’s latest Africa’s Pulse report.

As of August 2024, the naira had depreciated by approximately 43% year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.

The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.

The report highlights that financial institutions, non-financial end-users, and money managers driving dollar demand have further pressured the naira. Despite Nigeria’s foreign exchange market reforms, including the liberalization of the official exchange rate in June 2023, these efforts have been insufficient to stabilize the currency.

Broader economic challenges, including limited foreign reserves and inflationary pressures, have exacerbated the naira’s struggle. The currency’s depreciation has significantly impacted domestic prices, particularly for imported goods, worsening conditions for Nigerian consumers.

However, some recovery was noted recently, with the naira appreciating by 5.69% against the dollar on October 14, improving from N1,641.27/$1 to N1,552.92/$1. Despite this, foreign exchange turnover dropped by 44.27% within the same period.

The World Bank projects that Nigeria’s economy will grow by 3.3% in 2024, with slight acceleration to 3.6% between 2025 and 2026 as reforms take hold. However, inflation remains a concern, particularly following the removal of fuel subsidies in mid-2023, which has caused gasoline prices to triple and increased the cost of transportation and logistics across the country.

 

You Might Also Like

I Have Nothing Personal Against Umahi, Okorie Reveals
INEC suspends Sokoto REC
President Buhari commissions 2nd Niger bridge (photos)
Tinubu Appoints Aina, Ohiri As NPHCDA, NHIA Heads
BREAKING: Tinubu sworn-in as Nigeria’s President

Quick Link

  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Share This Article
Facebook Twitter Email Print
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0

Recent Posts

  • Singer Bella Thorne claims colleague Charlie Puth turned on her for not sl33ping with him
  • Aston Villa squad value: Where do Villans rank as Premier League rivals spend big?
  • I have turned to a single mother because I foolishly married a man that has sworn to spend his life abroad – Nigerian woman laments
  • Diogo Jota: Liverpool officially retire No. 20 shirt
  • Court sentences three to d3ath and life imprisonment for ritual k!lling of 16-year-old in Ogun

Recent Comments

No comments to show.

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]

Top Categories

  • Entertainment

Categories

  • ES Money
  • U.K News
  • The Escapist
  • Insider
  • Science
  • Technology
  • LifeStyle
  • Marketing

About US

We influence 20 million users and is the number one business and technology news network on the planet.
Quick Link
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index
Top Categories
  • My Bookmark
  • Interests
  • Contact Us
  • Blog Index

Subscribe US

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form]
© 2023 Newsunplug | All Rights Reserved.
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?