Cedi Depreciation: Local Currency Still World's Worst Performing Currency, Nigeria Naira Joins League

• The Ghanaian cedi has maintained its position as the world's worst-performing currency after losing 55 per cent of its value
• The Nigerian naira also joined that enviable list after its currency slumped by 37 per cent, making it the second worst-performing currency in the world
• The cedi, despite a strong showing last week, has depreciated in value and is now trading at over Gh₵ 14 to the U.S. dollar at forex bureaus across the Ghanaian capital, Accra

The local currency slumped again despite a strong showing last week that saw the Ghanaian cedi appreciate in value against the United States dollar and other major global trading currencies.

The resultant effect has seen the cedi maintaining its position as the worst-performing currency in the world after it lost 55 per cent of its value.

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Cedi Depreciation: Bloomberg Ranks Local Currency The Worst In Terms Of Performace Against The Dollar

According to Bloomberg, the cedi ranks the worst in terms of performance against the dollar.

Closely following behind at second place on the league table of worst currencies is the Sri Lankan Rupee, which has depreciated by 44.5 per cent.

Also, the Nigeria naira, which lost 37 per cent of its value, is at a distant third.

Some of the currencies that complete the list are the Sierra Leonean leone, down 36%, and the Egyptian pound, which has lost 35%.

Cedi Depreciation: Local Currency, Nigeria Naira Among World's Worst Currencies

Bloomberg further explained that while the naira was performing pretty well against the dollar at the official market, it wasn't faring very well in the parallel market.

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The naira depreciation comes at a time when the Central Bank of Nigeria has decided to redesign its currency.

Governor of the central bank, Godwin Emefiele, announced in October that new naira notes would be released by December 15, 2022.

But experts say that will do little or nothing to stem the tide of the naira depreciation in the short term.

In October, the Ghanaian cedi was rated as the worst-performing currency in the world after it lost 45.1 per cent of its value to the U.S. dollar this year.

Cedi Depreciates To GH¢14.2 To $1 After Recent Gains; Fuel Prices To Increase Further

Earlier, YEN.com.gh reported that after holding up the American greenback last week, the Ghana cedi started on Monday, November 7, with a poor showing.

Forex bureaus are quoting GH¢14.2 to $1 after initially quoting GH¢13.95 to the dollar.

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This means that hours after trading opened on Monday, the cedi lost about 25 pesewas to the dollar.

Source: YEN.com.gh