Africa News of Monday, 1 July 2024
Source: Citi News
The Nigerian naira was rated the worst-performing currency in the first half of 2024, according to Bloomberg.
The naira declined by 40% since the start of the year, and its value dropped by 67.8% from May 2023 to May 2024.
Egypt's pound and Ghana's cedi also ranked among the worst-performing currencies.
The Central Bank of Nigeria attempted to strengthen the currency through foreign exchange market reforms, but the efforts were thwarted by devaluation, low dollar liquidity, and market volatility.