According to the World bank, naira lost 10.2 per cent of its value in 2022.
This came as rising food and fuel prices were responsible for high inflation in the country in 2022.
The global bank revealed this in its latest Africa’s Pulse report for April 2023.
It explained that the worst-performing currency in the Sub-Saharan African region was the Ghanaian cedi in 2022, which lost 40 per cent of its value in the year.
It stated that the currency has already lost 20 per cent of its value so far in 2023.
The bank said, “Other currencies with significant losses last year include those of Sudan (23.6 per cent), Malawi (20.7 per cent), The Gambia (14.6 per cent), and Nigeria (10.2 per cent).”
