The Nigerian Naira is one of sub-Sahara Africa’s worst-performing currencies, says World Bank.
Naira tied with Ethiopian Birr and South Sudanese Pound in decline.
World Bank’s Africa’s Pulse report blames dollar demand surge and limited inflows.
Naira lost 43% value by August 2024.
Key factors:
Dollar demand surge
Limited dollar inflows
Slow foreign exchange disbursements
Naira weakened to N1658.97/$ from N1552.92.
Central Bank interventions fail to stabilize Naira.
Nigeria’s inflation rises to 32.70% in September.
World Bank projects 3.3% economic growth in 2024 and 3.6% in 2025-26.
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