Naira Ranks High on List of 14 Worst Performing Currencies in the World Against US Dollar in 2024

Naira Ranks High on List of 14 Worst Performing Currencies in the World Against US Dollar in 2024

  • The Naira has been ranked as one of the worst-performing currencies in the world so far in 2024
  • The Naira found itself ranked among the worst-performing currencies alongside the Argentine peso and the Syrian currency
  • The CBN, in recent days, has been making efforts to boost supply, which has been one of the reasons for the Naira's depreciation

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

The Nigerian currency has been ranked among the worst-performing currencies in the world following a massive depreciation in the official and black markets.

The Naira is currently among the top three 14 currencies that have significantly depreciated against the US dollar since the start of January 2024.

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Naira to dollar exchange rate
Naira is among the world worst performing currencies Photo credit: Presidency
Source: Facebook

Legit.ng analysis using data from Bloomberg shows that the Naira has depreciated by 139.55% against the US dollar from January to Monday, February 5, 2023.

List of worst African currencies

Here is a breakdown of the % depreciation against the US dollar for all 14 currencies in the world in 2024.

CountryCurrency % fall against US dollar
Syria417.72%
Argentina346.85%
Nigeria139.55%
Angola67.33%
Malawi63.85%
Türkey 62.39%
Venezuela 58.41%
South Sudan47.78%
Zambia41.56%
Burundi38.38%
Congo 32.44%
Belarus29.70%
Kenya28.21%
Russia27.45%

CBN makes efforts to revive the Naira

The Central Bank of Nigeria recently introduced several policy changes in the foreign exchange market to ensure liquidity.

The CBN hopes the moves will help strengthen and stabilise the Naira and encourage fund remittance via legal and authorised channels.

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FG addresses the Naira the dollar exchange rate

Legit.ng earlier reported that Ben Akabueze, the director-general of the federation's budget office, said the Naira would strengthen in value in the foreign exchange market in 2024.

Speaking in an interview with Channels TV on Tuesday, December 26, 2023, Akabueze said this would be possible as the country expects an increase in dollar supply.

He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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