The World Bank says the naira is among the worst-performing currencies in sub-Saharan Africa in 2024.
naira continued to lose value, with a year-to-date depreciation of about 43 percent as of August.limited dollar inflows, and slow foreign exchange disbursements to bureaus de change operators by the Central Bank of Nigeria weakened the naira.demand for dollars, driven by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira.
According to FMDQ Exchange, a platform that oversees the official window, the naira closed at N1,658/$ at the official market on October 15. “Economic growth in Nigeria is projected at 3.3 per cent in 2024 and 3.6 per cent in 2025–26 as macroeconomic and fiscal reforms gradually start yielding results. Inflation peaked in June 2024 and decelerated to 33.4 per cent in July and further to 32.2 per cent in August,” the bank said.
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