Naira Lost 10% Value In 2022 – World Bank Report

World Bank Report has revealed that Naira lost 10% value in 2022.

 

NewsOnline reports that Nigeria’s official currency, the naira lost 10.2 per cent of its value in 2022, according to the World Bank.

 

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.

 

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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.

 

Commenting on the naira, 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).”