The Nigerian Naira was ranked as one of the worst-performing currencies in sub-Saharan Africa by the World Bank.
This was disclosed in its August 2024 “Africa’s Pulse” report.
The report highlighted that the Naira’s decline paralleled the Ethiopian Birr and South Sudanese Pound, with the Naira losing about 43% of its value by the end of August.
It attributed this depreciation to a surge in demand for U.S. dollars and limited dollar inflows.
The Naira’s value dropped sharply on Tuesday, exchanging at ₦1658.97 per dollar from ₦1552.92 on Monday.
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