Bloomberg L.P, a US-based media giant, has projected a sustained decline of the Naira throughout 2024, indicating that Nigeria’s currency is poised for its worst year since 1999, with no rebound in sight.
Bloomberg’s comprehensive market analysis reveals a stark 55% decline in the Naira’s value this year, with it hitting approximately 1,043 per dollar as of Thursday.
This unfortunate performance places the Naira as the poorest-performing currency globally among the 151 currencies tracked by Bloomberg, trailing only behind the Lebanese pound and the Argentine peso.
Further scrutiny from Nairametrics daily FX watch highlights that the Naira hit a new nadir against the dollar on Thursday, December 28th, 2023, at the official market rate of N1,043.09 per dollar. This marks a substantial depreciation of 16.35% compared to its previous closing rate, signaling a concerning trend just days before the onset of 2024.
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Moreover, this decline represents the second instance in which the Naira has breached the N1,000/$ threshold, raising significant apprehensions about its far-reaching implications on the economy.