Naira lost 10.2 per cent in 2023 – World Bank

The World Bank has said the naira lost 10.2 per cent of its value in 2022.

The bank was speaking on the heels of the rising food and fuel prices responsible for high inflation in the country in 2022.

The global bank disclosed this in its latest Africa’s Pulse report for April 2023.

Ghanaian cedi is the worst-performing currency in Sub-Saharan Africa which lost 40 per cent of its value in 2022, followed by Sudan.

It added that the Ghanaian cedi lost 20 per cent of its value in 2023.

The bank said Nigeria’s naira is on the same trajectory as the Ghanaian’s cedi.

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).