Naira Joins Egyptian Pound in four worst currencies in 2016

Financial software, data, and media company headquartered in Midtown Manhattan, New York City Bloomberg LP has ranked Nigeria’s Naira as one of the world’s four worst performing currencies in 2016.

The Naira lost 36.68 per cent of its spot returns for the year according to the ranking.

The naira shared the bottom spot with other currencies in the bottom four with the Egyptian pound, Suriname dollar and Venezuela bolivar.

Some of the factors that affected the Naira according to Bloomberg included bombing of pipelines by militants and the economic recession.

The five best performing currencies of the world 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,

According to the report, “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.”