{"id":135729,"date":"2023-12-30T14:30:01","date_gmt":"2023-12-30T14:30:01","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/30\/naira-set-for-worst-year-since-1999-bloombergs-report-reveals\/"},"modified":"2023-12-30T14:30:01","modified_gmt":"2023-12-30T14:30:01","slug":"naira-set-for-worst-year-since-1999-bloombergs-report-reveals","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/30\/naira-set-for-worst-year-since-1999-bloombergs-report-reveals\/","title":{"rendered":"Naira Set For Worst Year Since 1999 \u2013 Bloomberg&#8217;s Report Reveals"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-823245\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/naira-dollae.jpg\" alt=\"\" width=\"901\" height=\"592\"  \/><\/p>\n<p>Financial software company, Bloomberg, has rated Nigeria\u2019s currency, Naira, among the world\u2019s worst performing currencies in 2023.<\/p>\n<p>Bloomberg, in its latest report said the currency is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024.<\/p>\n<p>Meanwhile as at Thursday, the Naira reached an all-time low as it depreciated to N1,043.09 per US dollar in the official market just a few days to the New Year.<\/p>\n<p>It noted that the Naira plunged 55 per cent this year to 1,043 per dollar, making it the world\u2019s worst performer after the Lebanese pound and the Argentine peso among 151 currencies tracked.<\/p>\n<p>The report, however, said the depreciation started after the Central Bank of Nigeria (CBN) allowed the currency to trade more freely in June, and President Bola Tinubu scrapped costly petrol subsidies.<\/p>\n<p><strong>READ ALSO: Yuletide Free Ride: We Conveyed 63,000 Passengers In Two Days \u2013 NRC<\/strong><\/p>\n<p>It added that Nigeria\u2019s foreign reserves are at the lowest in six years with most of them encumbered by overdue short-term overseas obligations.<\/p>\n<p>Bloomberg quoted a forecast by Vetiva Capital Management Limited suggesting that the currency may slip further unless the Tinubu-led federal government lures international investors or ramps up oil output.<\/p>\n<p>Vetiva Capital said: \u201cIt\u2019s clear that further devaluation \u2014 alongside tighter monetary policy \u2014 is needed to reduce imbalances in the FX market.<\/p>\n<p>\u201cA significant rise in external reserves, material increase in foreign exchange inflows, and reduction in money supply, will be positive for the Naira.\u201d<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-1713705351\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Financial software company, Bloomberg, has rated Nigeria\u2019s currency, Naira, among the world\u2019s worst performing currencies in 2023. Bloomberg, in its latest report said the currency is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024. Meanwhile as at Thursday, the Naira reached an all-time low [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":135730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-135729","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Naira Set For Worst Year Since 1999 \u2013 Bloomberg&#039;s Report Reveals - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/30\/naira-set-for-worst-year-since-1999-bloombergs-report-reveals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira Set For Worst Year Since 1999 \u2013 Bloomberg&#039;s Report Reveals - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Financial software company, Bloomberg, has rated Nigeria\u2019s currency, Naira, among the world\u2019s worst performing currencies in 2023. 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