Naira Among 7 Worst-performing Currencies in Africa in 2022
Nigeria’s currency ranks fourth on the list and 11th in the world
The Nigerian currency has been ranked among the worst-performing in Africa. Seven currencies have been tracked in the latest ranking, which discovered their level of depreciation
The Zimbabwean currency was rated the worst-performing in Africa, followed by several others
Steve Hanke, a Professor of Applied Economics and Director of the Troubled Currencies Project in the US, publishes weekly currency watch-lists that have depreciated at least by 20 per cent to the dollar.
Hanke disclosed that the currencies of the countries on his watch list had suffered huge devaluations against the US dollar in the last two years.
His watch list shows the scale of inflation rates and currency devaluation of countries. Here are the top worst-performing currencies
Hanke’s ranking says that the Zimbabwe currency has been rated the worst-performing in Africa against the US dollar.
It has fallen by 97.33 per cent since January 2020. Hanke advised that Zimbabwe dumps their currency and adopts the US dollar immediately.
In second place is the Sudanese pound which has depreciated against the dollar by 84.95 per since 2020. Hanke advised the Sudanese government to install a currency board.
South Sundanese Pound
The South Sudanese pound has lost about 50.79 per cent of its value in the last two years.
Nigeria’s currency ranks fourth on the list and 11th in the world. The naira has lost 48.87 per cent in the last two years. According to Bloomberg, the Nigeria currency is among the worst-performing in the world among 148 currencies tracked by the website.
Bloomberg stated that the naira is doing well, having depreciated against the dollar by 4 per cent and against major currencies of the world.
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Hanke ranks the Ghanaian currency 5th worst-performing in Africa, having depreciated by 42.57 per cent against the dollar in the last two years.
Once the best-performing currency in Africa, the Kwacha is now the worst-performing on the continent and has depreciated against the US dollar by 39.54 per cent since January 2020.
Sierra Leon’s Leone is the 7th worst currency in Africa. It has depreciated by 31.23 per cent since January 2020.
Nigeria missing as 15 best-performing central bank governors in Africa are revealed
Legit.ng reported that a new report on the performance of bank governors, the Central Banker Cards, published annually by Global Finance, ranks the central bank governors of 101 key countries and territories as well as the European Union, Eastern Caribbean Central Bank, the Bank of Central African States, and West African Central Bank states.
For the 2022 report, just three central bank governors from Africa made the top 20 global list.