Nigeria's local currency, the naira, ranked among the 10 worst-performing currencies in the world,

[Augusta]

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.

 

[Starmix]

That's so sad to know, mate but it is not a permanent ranking. What your country lacks is the right leader who's committed and nationalistic. Corruption is the root of all the miseries. and cries of the people.

 

[eLdavis]

Am not surprised it could be rated this bad, with the state of things right now it was expected. Our prayer is that things would get better in the future.

 

[King Belieal]

And we claim to have the biggest economy in Africa and yet our currency is so weak. I thought they said Dangote refinery would help the naira.

 

[Xtynehappy]

When the nation's currency under performs it means that something is not right and immediate actions should be taken against that.

 

[Augusta]

when its value in foreign exchange markets is lower than what it should be, based on economic factors. This results in lower purchasing power compared to other countries.