₦airaland Forum

The Nigerian naira is among the worst-performing currencies in Africa, the World Bank has said.

It noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation.

The global bank explained in its report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28).’

It stated that, “So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.

“The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions on the official market. For the kwanza, it was the decision of the central bank to stop defending the currency as a result of low oil prices and greater debt payments.”

Other currencies with significant losses so far in 2023, according to the World Bank, included South Sudan (33 per cent), Burundi (27 per cent), the Democratic Republic of Congo (18 per cent), Kenya (16 per cent), Zambia (12 per cent), Ghana (12 per cent), and Rwanda (11 per cent). It noted that parallel exchange market rates are also compounding inflationary problems for some countries in the African region.

In June 2023, the Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ window of the foreign exchange market, and allow the free float of the naira against the dollar and other global currencies. Since then, the naira had fallen from N473.83/$ to around N800/$ officially.

Highlighting the widening difference between the parallel and official exchange rates of the naira, the bank stated that this had been the case from March 2020 until June 2023.

It said the parallel rate premium increased to 80 per cent in November 2022, and then to about 60 per cent in June 2023, as the Central Bank’s interventions to restrict foreign exchange demand and keep the exchange rate artificially low were met with declining FX supply from oil revenues.

The unification and liberalisation of the exchange rates in June 2023 allowed the NAFEX rate to converge to the parallel one, closing the gap, it said.

It added, “However, resistance toward the increasing pressure on the Nigerian naira coupled with limited supply of FX at the official window has led to the reemergence of the parallel market premium.”

Nigeria’s growth rate would decelerate from 3.3 per cent in 2022 to 2.9 per cent in 2023, the Washington-based bank highlighted.

It stated that the country’s oil production had remained below OPEC+ quota amid capacity issues and lower international oil prices and while non-oil economic activity, particularly industry and services still supported growth, policy actions to remove fuel subsidies and unify the exchange rates might be weighing on these activities in the short term.

The World Bank noted that activity in Nigeria’s manufacturing and services sector contracted in August. “Weak business confidence and rising input costs are driving the contraction of activity,” it said. It stresses business confidence appears to have weakened in Nigeria.

Commenting on the recent reforms of the new administration of Bola Tinubu, the global bank disclosed that purchasing power of households was expected to suffer in the short term.

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. Petroleum prices have more than tripled since the subsidies were lifted at the end of May.

“The naira has weakened by nearly 40 per cent against the US dollar since the mid-June devaluation. Although these measures are intended to improve the fiscal and external accounts of the nation, their inflationary effects in the near term can erode the purchasing power of households and weigh on economic activity.

https://punchng.com/naira-among-africas-worst-currencies-falls-by-40-wbank/

07088995151

See I be Yoruba like you,and if things gets more worst this same people we are defending because of tribe won't save us they have all there family abroad. Let us leave tribe and face the main issue together! Its affecting everybody not only the ibos or obidients! At least during Jonathan era we Yorubas protest.though am not in support of protest,but we should speak together as a Nigerian and face our challenges together.
if u have children and you are not eating from the government leftovers u will understand how the economy is hitting people deep.come to airport and see reason it's full everyday,just try and interview one or two person,u will understand people's plight.
Am not a party person for your information but a Nigerian.
One love is all am preaching.

yarimo:
Criminal Obidients won't be happy, they are all preparing to steal from people in the name of NLC protest

Am not here to argue or insult, do u ever think why most children cry when going to school? Just because of there cruel teacher! The child loves going to school but hate the teacher because of the harsh way of teaching.
Do u ever understand emotional turture?! People that are owing house rent and children school fee living with abusive wife can explain better.mohbad was emotionally turtured and it develop high BP for him. U never watched the video when he said if anything happen to him Naira Marley should be hold responsible,the people hitting him are they not Naira Marley's parley?
Behind every rumour there must be a little element of truth. Check Naira Marley's age and confirm from UK how many time he was jailed, do u think marlians slang is just for street it's a cult slang. Just check deep beyond sentiment,u will definitely reason along.

Inkling:
This case of Mohbad and Naira Marley has really exposed our ignorance.

Believing Naira Marley killed Mohbad is like saying Tinubu use juju to hypnotized Momoodu and INEC to declare him winner.

1) No doubt base on the video on circulation Mohbad was bullied while alive but no other evidence show he died as a result of injury sustained through bully.

2) Among those that were bully him Naira Marley was not there. It is like owing a company and one of the staff attack ex-member of staff and you conclude it was the owner of the company that sent the attacker.

3) Nobody bother about what happened around Mohbad within 48 hours before his death, was he sick? What type of sickness? Which medical step he took or people around him took? Who were those around him during that period? etc.

I could remember years a go when I lost a sister and doctor wrote cause of death " post-partum hemorrhage" and people around her testified that she was bleeding so much after giving birth which led to her demise. But do you know many still believe her husband use her for money ritual !

Can't we just delete this Nollywood mentality and use the logic part of the brain God gave us?

So, if I die today anybody I quarrel with even if it is ten years ago is responsible ?



Someone said how much Naira Marley pay you? I am not even his fan, I rarely listen to these new Genz noise called music. I'm old school but I like it like that.

I said what I said because you can be in NM shoe someday, it may not be about bully but false accusation is very bad. Knowing that you did not do something and you're accused of it can be very painful and demoralizing.

All in all let's allow authority to investigate though I know people have already choosing side irrespective of outcome.

50000naira to convert 30 customers monthly!
Wait u be agent?
Nigerians don suffer😫

Oriyomiademola@gmail.com

The logic doesn't work that way.
how on earth will i keep my money with a known thief and then sleep? The same way Nigeria have been keeping her money with known thieves and do they stop stealing it?!
Nitori wipe kosi nkan tale she funwom ni

helinues:
.



Keep your money with a thief and sleep falalala.

Infact i believe no be small, during 80's or so sha.
Infact eyes don see.

Its working perfectly,buy and drive
07088995151

People like who? Do u even understand what i type? If u said the traditional worshipers should go,then next is we christians not to practice our religion.

MrALIVE:
how people like you are allowed on social media platforms like this pisses me off...

Please stop this! Are u even happy yourself?!
Even if u are a billionaire, are u happy within yourself? ethnicity or religion aside
i be confirm ijebu man,but Truth be told, those countries have seen alot from a fake democracy brought by west.
am not supporting coup, but when u push people to the wall they react!
Just tell me reason why trump was in court? Because he was accused of trying to rig a state election! And the same oyinbo will recognize a rigged in president in africa because they have bargain on our commonwealth!
We continue shouting ipob, oduduwa and arewa here and the same set of people eating our future deep down. As a sensible man how can a court gave an order not to investigate ganduje with all the evidences, are u not bothered? Even anti corruption panel set up by the governor, the chairman was arrested. if the people now react tommorrow now the west will be shouting return democracy bla bla bla.
Ffk is just a foolish man, he always talk of point. Adress the corruption facing africa and the poverty level,not the east will suffer or not,its there country when giving and its left for them to manage it, or is niger republic and gabon not surviving? Even more worst country without anything survive.

Offpointng:
But why are Ipobs happy on Coup happenings in Africa and wishing same on Nigeria??

Oh they think they'll live much better under a Military rule?? A sect of people who cheer a domestic terrorism called "Sit at home" who in turn became a Nemesis to affect their well being can mean nothing to be but a Foolish people

South East will Suffer more under a Northern Military Rule - FFK

If you live in lagos go to computer village,Ikeja.

Won ya were! Am a christian. What i mean is that its we Christians turn

pongwa:
its good now, disintegration of Nigeria will start from Ilorin, se e ni e n ya were

Lies.
I will continue saying this social media will definately cause ww3.
Imagine for youtube traffic you people start bringing edited and unverified videos! Its bad.

He is like messi and ronaldo breaking the records of forefathers😀
He will definately break all premier league's record.
I come in peace.

No take him to rehab

Nice

Bro anytime somebody is seeking for help for a issue, pls always advice accordingly, not only for him, anothet person is passing thorugh same dilemma and like to read comments and learn. And if u see that u dont have any advice to give just jump and pass!
Simple.

illicit:
New Weyrey

The next will be christians too to leave ilorin

Yahoo things. So for her area she doesn't have anybody to handle her as beautiful as she is.
Dey deceive the gullible ones

All i see is cruise, even saving your money with palmpay or kuda is more preferred than giving unknown person. Infact dont trust your pastor talkless of a total stranger. Do business with it get pos machine and be getting small thing from it.

Mad people!

Life later smile on him.

Haaa egba mi?
Is dangote refinery not coming up again?!
Abi why refining what we have freely abroad.
Truthfully Nigeria na scam.

I know!
most yoube channels posted on nairaland are mostly junks lazy people just looking for traffic and cheap money.if u see confirm channel u will be the one to join, not this lazy people looking for traffic.

Mushmush:
Guys don't waste your data watching this nonsense. He is looking for views just to cash out.