Naira Named Fourth Worst Performing Global Currency Of 2016


The Naira which witnessed its worst year in history last year, has been named as one of the world’s four worst performing currencies in 2016, by a Bloomberg report.

The Naira fell woefully against the United States Dollar by 57.8% in the interbank and 84.2% in the parallel segment.

The Nigerian Naira, was the fourth worst performing currency of 2016, losing 36.68 per cent of its spot returns for the year — just ahead of the Egyptian pound, Suriname dollar, and the Venezuelan Bolivar.

Naira drops

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The five best performing currencies of the world are the Russian ruble which appreciated by 21.31 per cent, the Brazilian real which appreciated by 20.96 per cent, and the palladium, which appreciated by 20.08 per cent.

In fourth place is the Iceland krona which appreciated by 14.42 per cent, followed closely by silver which appreciated by 14.41 per cent, in terms of spot returns.

Two African 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 said cryptocurrency- Bitcoin, gained more than 100 percent as capital controls in places like China, and isolationist rumblings in the UK and US have fueled interest in alternate currencies.

While the Brazilian stock was rated the best equity market in the world, Nigeria’s equity market fared worst in 2016.

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Similarly, CNN Money analyzed a list of global currencies that were rocked hardest against the dollar in 2016 as;

  • The Egyptian pound which fell by 59% 
  • The Nigeria naira which fell by 37% 
  • The Turkish lira which fell by 18%
  • The Argentinian peso which lost by 17% 
  • The British pound which fell by 17%
  • The Mexican peso which lost by 17%
  • The Venezuelan bolivar which fell woefully by a 71% margin