Nigeria’s Currency Slips Again, Shrugging Off Central Bank Steps
- Weakening naira raises inflation risk for the central bank
- Naira is the second-worst performing currency globally in 2024
The naira is down 43% this year, making it the second-worst performing currency.
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
Nigeria’s naira has weakened to a four-month low, defying central bank action to shore it up including increasing interest rates for a 12th-straight meeting earlier this week.
The naira closed at 1,603.8 to the dollar on Thursday, its lowest level since March 14, as foreign exchange market liquidity fell 23% from the day before to $131 million.