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The World Bank in its recent report has said that naira depreciated of 10.2% in 2022. This is according to the report is triggered by many factors which include rising food and fuel prices globally.
The World Bank stated that the depreciation of the exchange rate was also a major contributor to inflationary pressures in the Sub-Saharan region.
“Ghanaian cedi was the worst performing currency in the region during 2022, with a depreciation of about 40% and had weakened an additional 20 percent so far in 2023.”
“Other currencies with significant losses last year include those of Sudan (23.6 percent), Malawi (20.7 percent), The Gambia (14.6 percent), and Nigeria (10.2 percent),”
“In Nigeria, recently released activity data show mixed results. On the one hand, real GDP growth was higher than expected in the fourth quarter of 2022. It picked up to 3.5 percent year on year, from 2.3 percent in the third quarter. Both oil and non-oil sector activity improved by late 2022”
“After a 22.7 percent y/y contraction in the third quarter of 2022, oil GDP fell by 13.4 percent y/y in the fourth quarter as security services were making headway against oil theft.”
“Faster growth in agriculture and a recovery in manufacturing appear to have driven this increase. However, the demonetization efforts that started in mid-December are weighing on economic activity.”
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