The World Bank estimates that in 2022, the value of the naira fell by 10.2%. This occurred at a time when the nation’s inflation rate in 2022 was high due to rising food and fuel prices.
This was disclosed by the international bank in its most recent Africa’s Pulse report for April 2023. The Ghanaian cedi, which lost 40% of its value in the year, was listed as the worst-performing currency in the Sub-Saharan African area in 2022.
According to the bank, 25% of the nations in Sub-Saharan Africa would have two-digit inflation rates in 20%. Currently, Nigeria is experiencing both high inflation and significant budget deficits.