Nigeria’s Naira rated worst-performing currency globally for first-half of 2024

The Nigerian naira was rated the worst-performing currency in the first half of 2024, according to Bloomberg.

The naira declined by 40% since the start of the year, and its value dropped by 67.8% from May 2023 to May 2024.

Egypt's pound and Ghana's cedi also ranked among the worst-performing currencies.

The Central Bank of Nigeria attempted to strengthen the currency through foreign exchange market reforms, but the efforts were thwarted by devaluation, low dollar liquidity, and market volatility.

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