TRIBUNE ONLINE NG
Blomberg’s recent report has revealed that Nigeria’s currency, the naira, has emerged as the world’s worst performing currency in the past month
The currency took a downturn after its recent gains and wonderful performance last month, when it was ranked as one of the best-performing currencies globally as of April 2024.
According to the report, the reversal in Naria’s gains has placed increased pressure on the Central Bank of Nigeria (CBN) to continue raising interest rates.
Naria’s depreciation to 1,466.31 against the dollar was reported to be its weakest level since March 20.
The Bloomberg report released on Friday explained that the recent development is attributed to scarcity of USDollar in the local markets, with only $84 million available on Thursday, half of the previous day’s supply.
However, Tribune Online reports that the nation’s currency plummeted to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market in March.
