Nigeian currency, Naira has been listed among the 15 worst-performing currencies against the US Dollar.
This was contained in a list released by Statisense in it’s latest ranking.
The report, dated July 8, 2024, highlights the year-on-year loss against the USD for various currencies.
The data underscores the challenges faced by these economies in maintaining the value of their currencies against the US Dollar, reflecting various economic and geopolitical factors influencing global currency markets.
The majority of currencies are “floating,” meaning their value moves around in response to supply and demand factors.
But some currencies are “pegged”: Their value against another currency, like the dollar, holds steady at an agreed-upon rate.
Exchange rates affect the cost of goods and services from one country to another.
In Nigeria, factors such as fluctuating oil prices, foreign exchange reserve pressures, and speculative activities are exacerbating the situation, leading to a continuous depreciation of the Naira.
Economic analysts suggest that stringent economic reforms, better fiscal management, and stabilizing measures are crucial for improving the strength of these currencies.
Zimbabwe is the first on the list with a significant loss of -552% followed by Lebanon with -497%
Nigeria’s Naira ranks fifth with a loss of -97% against the US Dollar.
SEE LIST BELOW:
1 🇿🇼Zimbabwe: -552%
2 🇱🇧Lebanon: -497%
3 🇸🇾Syria: -418%
4 🇦🇷Argentina: -249%
5 🇳🇬Nigeria: -97%
6 🇲🇼Malawi: -67%
7 🇸🇸South Sudan: -59%
8 🇪🇬Egypt: -55%
9. 🇲🇲Myanmar: -55%
10 🇬🇭Ghana: -40%
11 🇿🇲Zambia: -35%
12 🇧🇾Belarus: -32%
13 🇹🇷Turkey: -25%
14 🇨🇩DR Congo: -17%
15 🇱🇦Laos: -16%
