According to a World Bank report, the Nigerian Naira is the worst-performing currency in Sub-Saharan Africa in 2023.
The report provides an analysis of the issues shaping Africa’s economy.
According to the report, the Nigerian Naira has posted a year-to-date depreciation of about 40%, making it the weakest currency in Sub-Saharan Africa, alongside the Angolan Kwanza.
Other currencies with significant losses include the South Sudanese pound which has depreciated by about 33% YTD, the Burundian Franc which has depreciated by 27% YTD, the Congolese Franc (18%), Kenyan Shilling (16%), Zambian Kwacha (12%), Ghanaian Cedis (12%), and Rwandan Franc (11%).
it is noted in the report that the Naira’s depreciation has been a significant contributor to Nigeria’s inflationary pressures.