According to the World Bank, the Nigerian currency (naira) has depreciated by almost 40% since the beginning of 2023. The depreciation is not only limited to Nigeria. Other African countries’ currencies also depreciated, although at a low rate. The top five worst-performing currencies identified by the World Bank are Nigeria (40%), South Sudan (33%), Burundi (27%), the Democratic Republic of the Congo (18%), and Kenya (16%). Nigeria operates multiple exchange rates: the official rate and the parallel rate.
October 27, 2023