The Nigerian naira is among the worst-performing currencies in Africa, the World Bank has said. “The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions on the official market. It noted that parallel exchange market rates are also compounding inflationary problems for some countries in the African region. It said, “The incoming Tinubu administration implemented a series of reforms that included the removal of fuel subsidies and the devaluation and unification of the exchange rate system. “The naira has weakened by nearly 40 per cent against the US dollar since the mid-June devaluation.

Source: Punch October 05, 2023 09:13 UTC