Many countries for di world don dey witness big fluctuations for their denominations, and dis fact don create worst performing currencies wey we feel say you should know.
Meet the worst performing currencies in the world
1. Egyptian Pound (EGP)
Egyptian Pound don lose over 50% of im value, making am one of di worst-performing currencies. Egypt’s economic wahala, including high inflation and unemployment, don cause dem to devalue am many times.
2. Venezuelan Bolivar (VEF)
Venezuela’s economic crisis don make Bolivar nearly worthless. Triple-digit inflation and dependence on oil export don spoil di currency.
3. Nigerian Naira (NGN)
Nigerian Naira don drop by over 50% against US Dollar for recent years. Nigeria’s economic wahala, including oil dependence, corruption, and inflation, don weaken di currency.
The Nigerian 🇳🇬 Naira among worst-performing currencies in Africa, as it depreciates by 43%.
~ World Bank pic.twitter.com/k4Lj2FmjlO
— Nigeria Stories (@NigeriaStories) October 16, 2024
4. Argentine Peso (ARS)
Argentina’s economic instability and high inflation don cause Peso to lose 50% of im value. Di country’s reliance on foreign debt and unstable politics don contribute to Peso’s struggles.
5. Sri Lankan Rupee (LKR)
Sri Lanka’s economic crisis, wey COVID-19 pandemic make worse, don cause Rupee to drop significantly. Di country’s high debt and dependence on import don weaken di currency.
Di currencies dey face big challenges due to economic instability, reliance on commodity export, and poor fiscal management.
Key Statistics:
– Egyptian Pound: -50.3% vs. USD (2023)
– Venezuelan Bolivar: -99.9% vs. USD (2023)
– Nigerian Naira: -53.2% vs. USD (2023)
– Argentine Peso: -50.1% vs. USD (2023)
– Sri Lankan Rupee: -40.5% vs. USD (2023)
If you wan know more about currency trends and economic analysis, no hesitate to ask!
But as e be so, the above na some of the worst performing currencies in the world right now.
