The World Bank has ranked the Nigeria Naira as one of the worst currencies in Sub-Saharan Africa. The Naira has lost 40% of its value since the official market devaluation in mid-June 2023. This is according to a report titled “Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28)”.
The report also stated that the inflation problems of some African countries are worsened by the parallel market exchange rates. The report said:
"The kwanza of Angola and the naira of Nigeria have depreciated by almost 40% this year, making them two of the weakest currencies in the region. The naira fell after the central bank removed trading restrictions on the official market. The central bank stopped defending the kwanza currency because of low oil prices and high debt payments.
Other African countries with big currency losses in 2023 are South Sudan (33%), Burundi (27%), the Democratic Republic of the Congo (18%), Kenya (16%), Zambia (12%), Ghana (12%), and Rwanda (11%)."
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