The Nigerian naira has plummeted against the U.S. dollar, wiping out all gains made in early April and earning the title of the worst-performing currency globally.

This depreciation is attributed to ongoing foreign exchange shortages in Nigeria.

Despite initial measures to stabilise the currency, including crackdowns on crypto exchanges and interventions by the Central Bank of Nigeria, the naira's decline continues.

Economists anticipate further depreciation in the second half of 2024, driven by seasonal foreign exchange demand and potential interest rate adjustments to alleviate pressure on the currency.