If you’re a Nigerian and you love your country, the news about the worst currencies in Africa will shock you. The Nigerian naira, according to popular news, is among the worst-performing currencies in Africa.

The World Bank that has access to information like this has affirmed that yep, the naira is simply the worst currency in Africa.

The bank noted that the currency weakened by nearly 40 per cent against the US dollar since a mid-June devaluation only this year.

In a new report titled, ‘Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28) the bank elaborated on its findings the worst performing currencies in the world.’

According to the bank, so far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region. Why? These currencies have posted a year-to-date depreciation of nearly 40 per cent.

Why Naira & Kwanza keeps falling

“The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions on the official market. For the kwanza, it was the decision of the central bank to stop defending the currency as a result of low oil prices and greater debt payments.”

Other losers

Included in the report are the other African nations that aren’t having it good when it comes to currency news: South Sudan (33 per cent), Burundi (27 per cent), the Democratic Republic of Congo (18 per cent), Kenya (16 per cent), Zambia (12 per cent), Ghana (12 per cent), and Rwanda (11 per cent).

The bank also noted that parallel exchange market rates are also compounding inflationary problems for some countries in the African region.