The naira is one of the world’s four worst performing currencies in 2016, according to a report by Bloomberg.
The naira was said to have lost 36.68 per cent of its spot returns for the year, while the Egyptian pound, Suriname dollar and Venezuela bolivar’s currency spot returns dropped by 58.84 per cent, 46.68 per cent and 37 per cent, respectively, for the period.
The five best performing currencies of the world, according to the report, are the Russian ruble, Brazilian real, the palladium, the Iceland krona, and silver, which appreciated by 21.31 per cent, 20.96 per cent, 20.08 per cent, 14.42 per cent and 14.41 per cent, respectively, in terms of spot returns.
Two Africa currencies, the Zambian kwacha and South African rand, emerged as the sixth and seventh best performing currencies of the world.
The kwacha and rand appreciated by 11.96 per cent and 11 per cent respectively. The report stated: “It was a particularly bad year for any currency called the ‘pound’.
The Egyptian version was the worst performer in 2016 as the nation took the dramatic step of allowing it to trade freely in an attempt to stabilise an economy struggling with a dollar shortage and concerns over social unrest.
Britain’s pound tumbled after the Brexit and never recovered.”
