The Nigerian Naira ranked among the worst-performing currencies in Sub-Saharan Africa by the end of August 2024, according to the World Bank’s latest Africa’s Pulse report.
The report revealed that the Naira’s decline matched that of the Ethiopian Birr and South Sudanese Pound, attributing the drop to a rising demand for dollars and limited dollar inflows.
As of August, the Naira had depreciated by approximately 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.
“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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