Currencies
Naira Drop Makes It the Worst-Performing Currency in First Half
- Egypt’s pound, Ghana’s cedi are also among worst performers
- Dollar supply needs to improve to support naira, Gadio says
A customer withdraws Nigerian 1000 naira banknotes from an ATM in Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigeria’s naira weakened for a ninth straight day against the dollar, making it the worst-performing currency in the first half as a steep devaluation, insufficient dollar liquidity and market volatility hampered efforts to stem its rout.
It’s weakened 0.2% to 1,510 per dollar by the close on Thursday, FMDQ data compiled by Bloomberg show. The losing streak is the longest since July 2017 and takes the decline since the start of the year to 40%.