Naira among Africa’s worst currencies, falls by 40% –W’Bank

The Nigerian naira is among the worst-performing currencies in Africa, the World Bank has said.

It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation.

“The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions on the official market. For the kwanza, it was the decision of the central bank to stop defending the currency as a result of low oil prices and greater debt payments.” Highlighting the widening difference between the parallel and official exchange rates of the naira, the bank stated that this had been the case from March 2020 until June 2023.

Nigeria’s growth rate would decelerate from 3.3 per cent in 2022 to 2.9 per cent in 2023, the Washington-based bank highlighted. Commenting on the recent reforms of the new administration of Bola Tinubu, the global bank disclosed that purchasing power of households was expected to suffer in the short term.

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