The official currency of Nigeria, naira has depreciated by about 43% as of August 2024, making it one of the worst-performing currencies in Sub-Saharan Africa. According to the World Bank’s Africa Pulse report, the Nigerian naira, along with the Ethiopian birr and South Sudanese pound, ranked as the region's weakest currencies. The report cited increased demand for US dollars, limited dollar inflows, and delays in foreign exchange disbursements by Nigeria’s Central Bank as major factors. “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. However, many African economies, including Nigeria, continue to experience foreign exchange shortages and exchange rate pressures.

Source: Ethiopian News October 16, 2024 09:31 UTC