In the latest edition of Africa’s Pulse, a new report by World Bank, the naira has been listed among the worst-performing currencies in Sub-Saharan Africa in 2024. The World Bank’s report further noted that demand for dollars, spurred by financial institutions, non-financial end-users, and money managers, has exacerbated the pressure on the naira. It noted, “By August 2024, the Ethiopian birr, Nigerian naira, and South Sudanese pound were among the worst performers in the region. The Nigerian naira continued losing value, with a year-to-date depreciation of about 43 per cent as of end-August. The naira’s struggle reflects broader economic challenges in Nigeria, including limited foreign currency reserves and ongoing inflationary pressures.

Source: Ethiopian News October 16, 2024 12:49 UTC