It’s official…Naira now Africa’s worst performing currency of 2016 – The Cable

Nigerian naira notes are seen in this picture illustration March 15, 2016 REUTERS/Afolabi Sotunde/Illustration

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

The naira, which began trading at around 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.

Nigerian naira, according to Bloomberg 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 in Abuja and Port Harcourt.

The Euro traded above N390 in Lagos and under 380 in the nation’s capital, Abuja.

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.

Read more at https://www.thecable.ng/adeosun-well-make-every-naira-count-without-burden-nigerians