{"id":52373,"date":"2024-10-16T14:18:46","date_gmt":"2024-10-16T14:18:46","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=52373"},"modified":"2024-10-16T14:18:46","modified_gmt":"2024-10-16T14:18:46","slug":"naira-among-worst-performing-currencies-in-africa-world-bank","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/10\/16\/naira-among-worst-performing-currencies-in-africa-world-bank\/","title":{"rendered":"Naira Among Worst-Performing Currencies in Africa \u2013 World Bank"},"content":{"rendered":"<p>The Nigerian Naira is one of the worst-performing currencies in sub-Saharan Africa in 2024, according to the World Bank\u2019s latest <em>Africa\u2019s Pulse<\/em> report. The report places the Naira alongside the Ethiopian Birr and the South Sudanese Pound, highlighting their significant declines in value within the region.<\/p>\n<p>The World Bank report attributes the Naira\u2019s depreciation to an increasing demand for U.S. dollars and limited dollar inflows into the country. By August 2024, the Naira had depreciated by approximately 43%, reflecting the country\u2019s ongoing foreign exchange challenges.<\/p>\n<p>\u201cBy August 2024, the Ethiopian Birr, Nigerian Naira, and South Sudanese Pound were among the worst performers in the region,\u201d the report stated, pointing to the pressure from the parallel market and slow foreign exchange disbursements by the Central Bank of Nigeria (CBN).<\/p>\n<p>The report noted that surges in demand for U.S. dollars, particularly in the parallel market, have been driven by various financial institutions, money managers, and non-financial end-users. With the CBN struggling to meet the demand for foreign exchange, the Naira has weakened steadily, compounding Nigeria\u2019s economic woes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Naira is one of the worst-performing currencies in sub-Saharan Africa in 2024, according to the World Bank\u2019s latest Africa\u2019s Pulse report. The report places the Naira alongside the Ethiopian Birr and the South Sudanese Pound, highlighting their significant declines in value within the region. The World Bank report attributes the Naira\u2019s depreciation to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":52374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-52373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/52373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=52373"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/52373\/revisions"}],"predecessor-version":[{"id":52382,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/52373\/revisions\/52382"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/52374"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=52373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=52373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=52373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}