Naira is Africa’s worst per­form­ing cur­rency of 2016 - Bloomberg

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu, La­gos

The Nige­rian Naira took a dive on Thurs­day at both par­al­lel and of­fi­cial mar­kets, be­com­ing the worst per­form­ing cur­rency in Africa in 2016.

Bloomberg data re­vealed that the Naira which be­gan trad­ing at 283 to the dol­lar at the in­ter­bank mar­ket on Thurs­day, de­pre­ci­ated to 284/$1 to be­come the third worst per­form­ing cur­rency in the world for 2016.

In 2016, the Naira has lost 29.61 per­cent of its value on the of­fi­cial mar­ket, fol­low­ing the de­ci­sion of the Cen­tral Bank of Nige­ria (CBN) to al­low for a float­ing for­eign ex­change regime.

Nige­rian Naira, ac­cord­ing to the data came ahead of only two cur­ren­cies in the world Venezu­lan bo­li­var and Suri­name dol­lar.

At the Nige­rian par­al­lel mar­ket, the Naira fell to its low­est level since the start of the new for­eign ex­change regime, trad­ing at 363/$1 and 485 to the pound.

The top three per­form­ing cur­ren­cies of 2016 were all universal cur­ren­cies: Sil­ver, Gold and Plat­inum, which have gained 45.93 per­cent, 25.11 per­cent and 22.79 per­cent re­spec­tively.

Th­ese cur­ren­cies were fol­lowed by the Brazil­ian real, the Rus­sian rub­ble and the Ja­panese Yen.

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