Nigeria, Kenya see worst currency values in over 20 years

Even tough Nigeria and Kenya recorded significant growth across numerous industries, they both suffered severe currency devaluation, said an article published today by Business Insider Africa.

According to the data, Nigeria’s Naira plunges 55% against the US dollar in 2023, marking its worst year since 1999.

The business news website added that the Kenyan Shilling experienced the largest drop in 30 years, attributed to rising interest rates and reduced foreign exchange inflows.

The authors noted common factors contributing to the currency woes, including policy changes, and the removal of fuel subsidies.

Inflation, unstable government, reduced foreign direct investments, and unstable capital flows, amongst other issues, have driven the poor performances of the currencies.