Economy
It’s Official! Naira Now Africa’s Worst Performing Currency Of 2016
The Nigerian naira took a dive on Thursday at both parallel and official markets, becoming the worst performing currency in Africa in 2016.
The naira, which began trading at around 283 to the dollar at the interbank market on Thursday, depreciated to 284/$1 to become the third worst performing currency in the world for 2016.
Nigerian naira, according to Bloomberg data, came ahead of only two currencies in the world – Venezulan bolivar and Suriname dollar.
At the Nigerian parallel market, the naira fell to its lowest level since the start of the new foreign exchange regime, trading at 363/$1 and 485 to the pound in Abuja and Port Harcourt.
The Euro traded above N390 in Lagos and under 380 in the nation’s capital, Abuja.
In 2016, the naira has lost 29.61 percent of its value on the official market, following the decision of the Central Bank of Nigeria (CBN) to allow for a floating foreign exchange regime.
Currency performance
The top three performing currencies of 2016 are all universal currencies; Silver, Gold and Platinum, which have gained 45.93 percent, 25.11 percent and 22.79 percent respectively.
These currencies are followed by the Brazilian real, the Russian rubble and the Japanese Yen.
The best performers in Africa are South African rand, Zambian kwacha, Somali shilling and Botswana Pula, which have gained 8.88 percent, 8.69 percent, 5.54 percent and 4.95 percent respectively.
At the base of the African currencies are the naira, Mozambique new metical, Sierra Leone leone, and the Angolan kwanza.
The CBN remains “reasonably optimistic” that the naira would eventually settle at 250 to the dollar at the interbank market.
The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves.
Follow us on social media:
”Competition has started again” – Reactions trail Regina Daniels and co-wife, Laila’s posts about their husband, Ned Nwoko
“Only self!sh men are intimidated by women’s success, you should be happy that your woman is successful” – Actress Diva Gold to men
“She forms hard to get, but I slept with her the first day I came to her office” – IVD makes bombshell revelation on his relationship with Blessing CEO (Video)
“There’s hunger, however there’s huge” hope – Tinubu Lament
“Simon Ekpa is not our member” – IPOB stated
Diddy claims prosecutors showed judge edited Cassie video to make him look dangerous
“God is still in the business of doing wonders, please keep trusting God” – Emotional moment gospel singer Yinka Alaseyori serenades actress Dayo Amusa who gave birth to her first child at 41 years (Video)
“They don’t look so happy” – Reactions trail video of Chioma and Hailey at Davido’s concert
-
News1 day ago“There’s hunger, however there’s huge” hope – Tinubu Lament
-
News1 day ago“This is m@dness” – Young man disrupts the peace inside banking hall as he plays song using his JBL speaker, clip trends online (Watch)
-
Lifestyle1 day agoNigerian man who passed away 10 years ago confesses he’s currently in Lagos, reveals big secret
-
Biafra1 day agoFG confirms arrest of Simon Ekpa by Finnish authorities