A report by Bloomberg has stated that Nigeria's local currency, the naira, has been ranked among the 10 worst-performing currencies in the world,
The report highlights that five of the worst-performing currencies globally are from Africa, including the Zambian kwacha, Angolan kwanza, and the naira.
This has been attributed to several factors, including economic challenges, unstable commodity prices, inflationary pressures, and a lack of dollar liquidity. The report noted that many African economies, heavily reliant on oil exports, are particularly vulnerable to drops in oil prices.
The report highlights that five of the worst-performing currencies globally are from Africa, including the Zambian kwacha, Angolan kwanza, and the naira.
This has been attributed to several factors, including economic challenges, unstable commodity prices, inflationary pressures, and a lack of dollar liquidity. The report noted that many African economies, heavily reliant on oil exports, are particularly vulnerable to drops in oil prices.