Nigeria’s local currency, Naira, lost 10.2 per cent of its value in 2022, emerging as fifth among Africa’s worst-performing currencies in 2022, a report by the World Bank has shown.
In its latest Africa’s Pulse report for April 2023, the US-based global lender stated that in 2022, Ghanaian Cedi was the worst-performing currency in Sub-Saharan Africa after losing 40 per cent of its value in the year.
Comparing the naira with other currencies in the subregion, the bank said, “Other currencies with significant losses last year include those of Sudan (23.6 per cent), Malawi (20.7 per cent), The Gambia (14.6 per cent), and Nigeria (10.2 per cent).”
It also pointed out that Ghana’s Cedi has lost 20 per cent of its value so far in 2023, in sharp contrast to the Naira which has appreciated by about 0.67 per cent to N750 per US Dollar at the black market this year.
“Rising food and fuel prices, as well as the depreciation of the exchange rate, were the main drivers of inflationary pressures in the region—and, particularly, in countries like Ghana, Sudan, and Malawi,” the World Bank further noted.
The IMF/World Bank Group Spring Meetings for 2023 commences on April 10 through 16 in Washington DC, USA.
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