NewStats: 3,259,224 , 8,169,509 topics. Date: Saturday, 24 May 2025 at 11:04 AM 361c1h

The Nigerian naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa in 2024, according to the World Bank’s latest Africa’s Pulse report.

As of August 2024, the naira had depreciated by approximately 43% year-to-date, ranking it among the weakest currencies alongside the Ethiopian birr and the South Sudanese pound.

The decline is attributed to surging demand for U.S. dollars in Nigeria’s parallel market, limited dollar inflows, and slow foreign exchange disbursements by the central bank.

The report highlights that financial institutions, non-financial end-s, and money managers driving dollar demand have further pressured the naira. Despite Nigeria’s foreign exchange market reforms, including the liberalization of the official exchange rate in June 2023, these efforts have been insufficient to stabilize the currency.

Broader economic challenges, including limited foreign reserves and inflationary pressures, have exacerbated the naira’s struggle. The currency’s depreciation has significantly impacted domestic prices, particularly for imported goods, worsening conditions for Nigerian consumers.

However, some recovery was noted recently, with the naira appreciating by 5.69% against the dollar on October 14, improving from N1,641.27/$1 to N1,552.92/$1. Despite this, foreign exchange turnover dropped by 44.27% within the same period.

The World Bank projects that Nigeria’s economy will grow by 3.3% in 2024, with slight acceleration to 3.6% between 2025 and 2026 as reforms take hold. However, inflation remains a concern, particularly following the removal of fuel subsidies in mid-2023, which has caused gasoline prices to triple and increased the cost of transportation and logistics across the country.

https://www.vanguardngr.com/2024/10/naira-among-worst-performing-currencies-in-sub-saharan-africa-depreciates-by-43-in-2024-world-bank/

Tinubu is happy

T. Pain the first class Chicago ant is doing wonders with our currency

Next year or two, when it appreciates to N1200, they will call it the best-performing currency.

The World Bank and IMF deceived Buhari and Tinubu into destroying the economy and degrading every social class in Nigeria.

Nlfpmod!

Tinubu has won another inglorious award for Nigeria. Cardoso and Wale Edun are failed glorified economists. They just don't have any answer for the spiraling value of the Naira.

Tinubu is an idiotic entity

What a country!!!
With Tinunbu's track record in Lagos and what I'm seeing now, it's obvious that something is seriously wrong somewhere. I see no Messiah in any of the current politicians
Anyways, what's our position in corruption, procrastination, tribalism and ritualism? We can't be below in all things, we need to see other results. We can't be below in everything na.
What do I even know sef aside enlightening my fellow men nationwide with the good news

World Bank and IMF are criminal organisation which their main mission is to continue to destroy Nigeria with lies and propaganda. Imagine, Naira that has been depreciated over 200% and world Bank is saying 43%

World Bank is evil

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ALL THANKS TO

T-PAINS ANTI PEOPLE POLICIES



NOT LISTENING TO PEOPLE DOSENT MAKE YOU LOOK STRONG BUT RATHER AGGROGANT.









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IMF blowing hot and cold. They would ask us to borrow when we do they say we are borrowing like urchins.
They say devalue your money when we do , they say our money is next to bread label in worthlessness.

In the midst of the harsh economic realities of food crisis, weakened naira, hyper-inflation, festering insecurities, reduced purchasing power, etc, Yorubas still expect a vote of confidence and appraisal on president Tinubu from Nigerians and international organizations.

Isn't this sheer wickedness and high-handedness?

When we were shouting Emefiele, we didn't know.......... Seems he wasn't too bad afterall

Hmmmmmm

I’m not suprised tho, neither should the world bank be, by the floating of naira by this present istration we should know our doom was imminent, for a currency so weak, with little/no demand to be determined by the market forces we shouldn’t expect less. To expose the naira to market forces like the oil prices (our major export) which on a global scale has been experiencing downturn, and the fact that our local industry are so non-existent or ineffective, with has led to reduction in our global demand for nigeria goods, we’re basically a consumptive nation not a productive one as we rely on import rather than export which is obvious in our trade surplus over the past few years, with this factors and economic indicative stated our naira’s doom is imminent.

There are people that believed this news from world bank but won't believe that the reforms by this istration will help the country from the same world bank.

They just love bad news only

Too bad

a system built on falsehood will always suffer. ordinary data is manipulated in the country not to talk of forex. since the time of GEJ, GMB AND now BAT the naira has been sommersaulting. the only thing left is for it to sommerstumble. shame on all of our leaders who benefit from a corrupt system

How is this news
This happened since last year
My main concern is how our growth forecast seems to have plateaued at an average of 3% from an olympiad height of 7% since APC took over.
What is worrying is that this means wey will need double digit growth to get back to pre-2015 levels and we are nowhere close to it

When Bubu came, he promised change. He truly changed Nigeria from good to bad.

Balablue came and promised Renewed hope. He's renewing Nigeria from bad to worst.

Ronu miscreants are tired. 😩 No be statistics we go chop.

people would still defend the government praise this as an achievement, we need to understand that these politicians have zero clue how to run this country and are only on seat to enrich themselves, they do not care about you ,about your tribe or about your religion.
the earlier we know that and stop fighting over those foolish things is the only time we would be able to save our country.

Fake news..

treesun:


https://www.vanguardngr.com/2024/10/naira-among-worst-performing-currencies-in-sub-saharan-africa-depreciates-by-43-in-2024-world-bank/

Them help you set fire on your house na still dem go tell people say your house don burn

Leave Buhari out of this. He is a wise man

LadyExcellency:
Next year or two, when it appreciates to N1200, they will call it the best-performing currency.

The World Bank and IMF deceived Buhari and Tinubu into destroying the economy and degrading every social class in Nigeria.

Efara bale, amagbewale. Akanbi olodo ide, majaye oba ni so. Shenge loading, no banza yet.

The funny thing is that we’re still in Season 2, episode 5…

Getting my popcorn ready 🍿

, a certain person promised on 27th April 2023 that naira will exchange for 300 to the USD in the “short term”

Emefiele is far better than Wale Edun, Cardoso, Thièfnubu and the numerous incompetent mediocrities in the present istration.

Anybody still expecting the drug Capone to positively rearrange the country to whence he met it is sleeping on a dangerously speeding okada.

Once T-pain is back he will fix it🥴🥴😂👆🏾🙄✌️😃

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