{"id":122547,"date":"2024-06-29T12:19:00","date_gmt":"2024-06-29T11:19:00","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024"},"modified":"2024-06-29T13:29:16","modified_gmt":"2024-06-29T12:29:16","slug":"nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024","title":{"rendered":"Nigerian Naira tumbles, joins cedi, pound as worst performers in H1 2024"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Nigerian Naira has suffered a dramatic reversal of fortune, plummeting to the title of worst-performing currency globally in the first half of 2024, according to a report by Bloomberg on Friday.Read more<\/p>\n

This depreciation comes after a brief period of strength earlier this year, highlighting the ongoing challenges facing the Nigerian economy.<\/p>\n

Besides the naira, Egypt\u2019s pound and Ghana\u2019s cedi were the world\u2019s other worst performers in the first six months of the year.<\/p>\n

Tracking data from FMDQ, the report said that the naira weakened for a ninth straight day to 1,510 per dollar by the close of Thursday.<\/p>\n

\u201cThe losing streak is the longest since July 2017 and takes the decline since the start of the year to 40 per cent.<\/p>\n

\u201cThe naira\u2019s performance is the worst among global currencies tracked by Bloomberg beside that of the pound in Lebanon, which is undergoing an economic crisis and witnessing dollarisation,\u201d the report noted.<\/p>\n

In March, the naira had emerged as the best-performing currency in the world, a feat which was reversed the next month.<\/p>\n

The report added that the currency was volatile between mid-April and May due to the imbalance between demand and supply for the greenback before the trend moderated in June on an improvement in dollar inflows.<\/p>\n

Several factors are believed to be contributing to the Naira\u2019s decline:<\/p>\n

\u2022 Devaluation: The Central Bank of Nigeria (CBN) has devalued the Naira in an attempt to address a persistent trade deficit. However, this move has made imports more expensive and contributed to inflationary pressures.<\/p>\n

\u2022 Dollar Shortage: A lack of readily available US dollars is hampering businesses and individuals who need to make international transactions. This scarcity is attributed to a combination of factors, including lower oil revenues and capital flight.<\/p>\n

\u2022 Market Volatility: Uncertainty surrounding the Nigerian economy and its future growth prospects has led to market volatility, further weakening confidence in the Naira.<\/p>\n

The impact of this depreciation is being felt across Nigeria, with businesses struggling with rising import costs, while consumers face higher prices for everyday goods. Additionally, the Naira\u2019s weakness discourages foreign investment, hindering economic growth.<\/p>\n

The CBN has implemented some measures to address the situation, including raising interest rates and attempting to increase foreign exchange inflows. However, the effectiveness of these actions remains to be seen.Balanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Nigerian Naira has suffered a dramatic reversal of fortune, plummeting to the title of worst-performing currency globally in the first half of 2024, according to a report by Bloomberg on Friday.Read more This depreciation comes after a brief period of strength earlier this year, highlighting the ongoing challenges facing the Nigerian […]<\/p>\n","protected":false},"author":84,"featured_media":122545,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[13413,1623,254],"class_list":["post-122547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-featured","tag-naira","tag-nigeria"],"yoast_head":"\nNigerian Naira tumbles, joins cedi, pound as worst performers in H1 2024 - Nigeria<\/title>\n<meta name=\"description\" content=\"The Nigerian Naira has suffered a dramatic reversal of fortune, plummeting to the title of worst-performing currency glo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian Naira tumbles, joins cedi, pound as worst performers in H1 2024\" \/>\n<meta property=\"og:description\" content=\"The Nigerian Naira has suffered a dramatic reversal of fortune, plummeting to the title of worst-performing currency glo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-29T11:19:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-29T12:29:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651258.387783.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Nigerian Naira tumbles, joins cedi, pound as worst performers in H1 2024\",\"datePublished\":\"2024-06-29T11:19:00+00:00\",\"dateModified\":\"2024-06-29T12:29:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024\"},\"wordCount\":484,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651258.387783.jpg\",\"keywords\":[\"#featured\",\"naira\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/nigerian-naira-tumbles-joins-cedi-pound-as-worst-performers-in-h1-2024\",\"name\":\"Nigerian Naira tumbles, joins cedi, pound as worst performers in H1 2024 - 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