Currencies
Naira Set for Worst Year Since 1999 With No Rebound in Sight
- Foreign reserves of $32.8 billion are at a six-year low
- Further naira devaluation is needed, says Tellimer’s Curran
A street currency dealer with Nigerian 1000 naira banknotes at a market in Lagos, Nigeria.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria’s naira is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024.
The naira plunged 55% this year to 1,043 per dollar as of Thursday, making it the world’s worst performer after the Lebanese pound and the Argentine peso among 151 currencies tracked by Bloomberg. And that’s in the official market. On the streets, the currency trades at 1,208 naira per dollar.