Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

Nigerian Naira Ranked Among Worst-Performing Currencies in Sub-Saharan Africa

Nnaemeka OkwarabyNnaemeka Okwara
October 16, 2024
in Business & Finance
0
Nigerian Naira Ranked Among Worst-Performing Currencies in Sub-Saharan Africa
Share on FacebookShare on TwitterShare on Whatsapp

The Nigerian naira is one of the worst-performing currencies in Sub-Saharan Africa in 2024, according to the World Bank’s recent Africa’s Pulse report. By August 2024, the naira had lost about 43% of its value since the beginning of the year, making it one of the weakest currencies in the region, along with the Ethiopian birr and South Sudanese pound.

The report points out several reasons for the naira’s drop, such as a high demand for US dollars in the unofficial market, a shortage of dollars coming into the country, and delays in getting foreign currency from the Central Bank of Nigeria (CBN). The World Bank also mentioned that the increased need for dollars by banks, businesses, and investors has put more pressure on the naira.

 

This year, Ethiopia, Ghana, and Nigeria have some of the weakest currencies in Africa. Their money keeps losing value, and there’s still a big need for foreign exchange. In Angola and Nigeria, trying to stop people from getting upset about high living costs is making it hard for the government to manage its money.

The Angolan kwanza, Malawian kwacha, Nigerian naira, South Sudanese pound, and Zambian kwacha are the currencies that have done the worst in the area. Many African countries are still worried about not having enough foreign money.

On the other hand, some African currencies, like the Kenyan shilling and South African rand, which had problems in 2023, are starting to get better in 2024. The Kenyan shilling got 21% stronger from the start of the year until the end of August, making it one of the best performers in the region.

Even though the Nigerian government made changes to its foreign money market in June 2023, like making the official exchange rate more flexible, these changes haven’t fixed the problem yet.

Tags: africafederal characterNairaNewsNigeriaNigerian Naira Ranked Among Worst-Performing Currencies in Sub-Saharan AfricaSub-saharan
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

Related Posts

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 25, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 24, 2025
Dangote Group Disowns Killer Truck in Ondo Crash
Business & Finance

Dangote Group Disowns Killer Truck in Ondo Crash

October 23, 2025
Next Post
Gachagua’s Impeachment Drama: Will Kenya’s Deputy President Be History?

Gachagua’s Impeachment Drama: Will Kenya’s Deputy President Be History?

TikTok Removes 2.1 Million Videos in Nigeria: Safety or Censorship?

TikTok Removes 2.1 Million Videos in Nigeria: Safety or Censorship?

Thomas Tuchel Appointed New England Manager, Signs 18-Month Deal

Thomas Tuchel Appointed New England Manager, Signs 18-Month Deal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Subsidy Palliative: Akwa Ibom AAC Refuses Bags of Rice Offered by FG

Subsidy Palliative: Akwa Ibom AAC Refuses Bags of Rice Offered by FG

2 years ago
Yemi Alade Criticizes Peers for Dismissing Afrobeats Genre

Yemi Alade Criticizes Peers for Dismissing Afrobeats Genre

1 year ago
Dollar, Euro and Pounds To Naira Exchange Rate For Today, 27 June 2023

Dollar, Euro and Pounds To Naira Exchange Rate For Today, 27 June 2023

2 years ago
Kenya: Police Fire Teargas at Protesters Over Abduction Claims

Kenya: Police Fire Teargas at Protesters Over Abduction Claims

10 months ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

How Ngozi Nwosu Escaped a Violent Marriage Just Hours Before Saying ‘I Do’

Real​‍​‌‍​‍‌ Madrid Stars ‘Fed Up’ With Lamine Yamal’s Taunts Ahead of El Clásico Showdown

Williams Uchemba Makes Bold Demand on How to End Kidnapping in Nigeria

Yemi Alade Uncovers the Truth That Left Her Mentally Broken

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

The Pop Culture Costumes Dominating Halloween 2025: From ‘Wicked’ Glamour to ‘KPop Demon Hunter’ Edge  

Trending

U.S. ranks among the least peaceful nations in 2025
Government

U.S. ranks among the least peaceful nations in 2025

byEriki Joan Ugunushe
October 25, 2025
0

The latest Global Peace Index has painted a bad picture for the United States, placing it among...

From President to Foreigner: Rajoelina Stripped of Malagasy Roots

From President to Foreigner: Rajoelina Stripped of Malagasy Roots

October 25, 2025
How Academic Failure Pushed Me Into Music - Zlatan

How Academic Failure Pushed Me Into Music – Zlatan

October 25, 2025
How Ngozi Nwosu Escaped a Violent Marriage Just Hours Before Saying ‘I Do’

How Ngozi Nwosu Escaped a Violent Marriage Just Hours Before Saying ‘I Do’

October 25, 2025
Real​‍​‌‍​‍‌ Madrid Stars ‘Fed Up’ With Lamine Yamal’s Taunts Ahead of El Clásico Showdown

Real​‍​‌‍​‍‌ Madrid Stars ‘Fed Up’ With Lamine Yamal’s Taunts Ahead of El Clásico Showdown

October 25, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • U.S. ranks among the least peaceful nations in 2025
  • From President to Foreigner: Rajoelina Stripped of Malagasy Roots
  • How Academic Failure Pushed Me Into Music – Zlatan

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com