₦airaland Forum

The Nigerian naira took a dive on Thursday at both parallel and official markets, becoming the worst performing currency in Africa in 2016.

The naira, which began trading at around 283 to the dollar at the interbank market on Thursday, depreciated to 284/$1 to become the third worst performing currency in the world for 2016.

Nigerian naira, according to Bloomberg data, came ahead of only two currencies in the world – Venezulan bolivar and Suriname dollar.

At the Nigerian parallel market, the naira fell to its lowest level since the start of the new foreign exchange regime, trading at 363/$1 and 485 to the pound in Abuja and Port Harcourt.

The Euro traded above N390 in Lagos and under 380 in the nation’s capital, Abuja.

In 2016, the naira has lost 29.61 percent of its value on the official market, following the decision of the Central Bank of Nigeria (CBN) to allow for a floating foreign exchange regime.

Currency performance

The top three performing currencies of 2016 are all universal currencies; Silver, Gold and Platinum, which have gained 45.93 percent, 25.11 percent and 22.79 percent respectively.

These currencies are followed by the Brazilian real, the Russian rubble and the Japanese Yen.

The best performers in Africa are South African rand, Zambian kwacha, Somali shilling and Botswana Pula, which have gained 8.88 percent, 8.69 percent, 5.54 percent and 4.95 percent respectively.

At the base of the African currencies are the naira, Mozambique new metical, Sierra Leone leone, and the Angolan kwanza.

The CBN remains “reasonably optimistic” that the naira would eventually settle at 250 to the dollar at the interbank market.

The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves.

Source:https://www.thecable.ng/its-official-naira-now-africas-worst-performing-currency-of-2016

It deserves that rating. 'Twas too glaring.

Afonjas good morning

na wa ooooooo

Good morning all of una hw market dis morning?

Hmm, when will all this end
Seems to get worse each passing day

I hope things get better.
#promotelocalbusinesses

I blame buhari lalasticla

BUHARI do something fast to safe our NAIRA.

The best performers in Africa are South African rand, Zambian kwacha, Somali shilling and Botswana Pula

Imagine Somalian currency trumping the Naira, Somalia has no central govt since Siad Barre was overthrown in 1992.
Bubu was not prepared for governance, we warned you people.

What personal achievement can Bubu boast of since leaving office in 1985? None, I repeat none.
Bubu couldn’t upgrade himself after leaving office why do people expect him to upgrade Nigeria?

If Naira is the worst official performing currency in Africa then Bubu is also the worst performing president in Africa.

#impeachtheDullardnow

Are we enjoying dis change...naira is gone

Sombori SAY BABA

Woh!
Sai Baba!
We are almost there...

$1 + £1 - 50kobo...

The way buhari is running this country ehn; I wish we won't get back to the way we re before 1960

2015 King bubu of the north said and i quote : 'walahi ip u bote poh me i will shwarly make one neira ekwals to one dawla''

We may soon be going back to "trade by barter"

Na Buhari cause am

Hehehe


Buhari has done it again



Singlehandedly!

What an achievement!


Thus is just about the naira

We are not even talking about other areas like security etc.


Kudos APC


Nigeria will always remember you!

Too bad.

APC should pls ejoor, biko biko biko kindly take us back to 2015

Imagine the nonsense

All thanks to Bubu...

buhari should be happy now, baba wan convert all of us to libyans

What do you expect before

APC

All
Promise
Cancel

Buhari see your life

Chaii

Sai Baba, Sai Baba!

NIGERIA ~ "THE GIANT OF AFRICA"

Hmmmmm.

Another achievement by Buhari's administration.
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tammie24:
Hehehe


Buhari has done it again



Singlehandedly!

What an achievement!


Thus is just about the naira

We are not even talking about other areas like security etc.


Kudos APC


Nigeria will always remember you!

According to oga Adesina,
Only a minority are complaining

Like our lord said....it is finished