According to a World Bank analysis, Nigeria’s local currency, the Naira, would lose 10.2 percent of its value in 2022, ranking sixth among Africa’s worst-performing currencies.
The US-based global lender revealed in its latest Africa’s Pulse report for April 2023 that the Ghanaian Cedi was the worst-performing currency in Sub-Saharan Africa in 2022, losing 40% 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 stated that Ghana’s Cedi has lost 20% of its value so far in 2023, in stark contrast to the Naira, which has gained 0.67 percent to N750 per US dollar on the illicit 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 will be held in Washington, DC, from April 10 to April 16.
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