Nigeria’s Naira Rated Worst-Performing Currency in H1 of 2024; Kenyan Shilling Named Best Performer

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BitcoinWorld 4d ago

Nigeria’s Naira Rated Worst-Performing Currency in H1 of 2024; Kenyan Shilling Named Best Performer - BitcoinWorld

Quick Summary:

In the first half of 2024, the Nigeria’s currency, Naira, depreciated by nearly 40%, making it the worst-performing currency during that period. Meanwhile, the Kenyan shilling appreciated by 20.7%, ranking it as the best performer.

The depreciation of the Nigerian naira was primarily driven by U.S.dollar shortages.

These measures included blocking access to cryptocurrency exchanges as well as cracking down on currency speculators using peer-to-peer crypto trading platforms.