Simply comment on post or click this link if you find any broken link, we will fix it for you within the next 24 hours.

Happenings

The Naira now worst worst-performing currency in the world


The nation’s currency, the naira, has taken a downturn, emerging as the world’s worst-performing currency in the past month, a recent Bloomberg report says.

The reversal came after the naira’s recent gains, emerging as the world’s worst-performing currency after a wonderful performance last month.

The report, which emerged on Friday, emphasized that the development has placed increased pressure on the Central Bank of Nigeria, CBN, to continue raising interest rates. The local currency depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.

According to the report, the decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply. Yemi Cardoso, CBN governor, had previously hailed the naira as the best-performing currency globally as of April 2024.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button