11/05/2024
BREAKING NEWS: Naira now worst performing currency in the world~ Report
Source: Punch Nigeria
As posted on the “ NigeriaStories “ page on X app on 11th may, 2024 at around 7.04am
https://twitter.com/NigeriaStories/status/1789174654772388182?t=U6lnGBZTQhG6WBjfNbQ1MA&s=19
PREFACE
• According to business day “Naira slips from best performing to worst currency in the world”. The naira on Friday fell to one month-low of 1,470 against the dollar, on the parallel market also known as black market, following dollar shortage and the activities of speculators.
• The naira has witnessed a change in fortune, emerging as the worst-performing currency in the world in April, a new Bloomberg report shows. Bloomberg said Nigeria’s naira has taken a downward trend as the local currency which was once hailed as top performing in March has begun another round of free fall. The report, published on Friday stated that with this slide, the central bank is poised to increase the country’s interest rate in its next monetary policy slated for May 21.
OUTLOOK
Currency performance can be influenced by factors such as government policies, geopolitical events, market sentiment, and global economic conditions. It's essential to examine these factors comprehensively to gain a better understanding of a currency's position in the global market.
In addition, the perception of a currency's strength or weakness can also be influenced by investor confidence, trade balances, fiscal policies, and the overall economic outlook of the country. Analyzing these aspects provides a more nuanced understanding of a currency's standing in the international financial performance.
CONCLUSION
The term "worst currency" is subjective and can vary depending on the context. While the Nigerian Naira may have experienced fluctuations or depreciation against other currencies, it's essential to consider various factors such as inflation rates, economic stability, and purchasing power parity when assessing currency performance.
REFERENCES
https://punchng.com/naira-now-worst-performing-currency-in-the-world-report/
https://businessday.ng/news/article/naira-slips-from-best-performing-to-worst-currency-in-the-world/
https://twitter.com/NigeriaStories/status/1789174654772388182?t=U6lnGBZTQhG6WBjfNbQ1MA&s=19