The Nigerian Naira is one of the six currencies that suffered the worst devaluation in 2023, reports say.
While the Lebanese Pound leads with a whopping -89.89% devaluation, the Naira suffered an unpleasant -42.57% devaluation.
Prices of goods and services, foods and medicine, have since skyrocketed out of the reach of over 70% Nigerians.
According to Bloomberg’s financial monitor, the currencies of Lebanon and Argentina experienced significant devaluations against the dollar last year.
The Lebanese pound recorded the highest loss of value against the U.S. currency, depreciating by 89.89 percent. Following close behind is the Argentine peso, which lost nearly 78 percent of its value.
Argentina holds the record for the highest number of years with negative GDP growth in the last half-century—a total of 21 years between 1971 and 2022, according to the World Bank.
Furthermore, Argentina ranked as the fourth country with the highest inflation rate in the world last year, according to the latest data from the International Monetary Fund (IMF).
Source: Statista
