The naira failed to take advantage of the greenback’s worst month despite growing conviction that the United States central bank was done raising interest rates.

Nigerian investors and savers have been severely hit by the naira’s weakness since their investments have substantially lost value despite the country’s equities market experiencing growth.

To counter this, a growing number of Nigerians are using stablecoins as an alternate form of investment.

The Nigerian naira had earlier strengthened below the N1000 price level in mid-November but lost nearly a fifth of its value amid a liquidity crisis and high demand for the greenback in Africa’s largest economy as the currency continues its wide swings in a bid to find a market level.

The CBN has not been able to allay worries. Nigeria still owes foreign corporations $7 billion in FX forwards that they purchased from regional banks. When the central bank failed to make payments, banks subsequently used their own money to repay foreign credit lines.
https://nairametrics.com/2023/12/01/u-s ... -to-rally/

Too bad. Most disappointing is that smaller African countries are doing better.

Jared wrote: ↑December 1st, 2023, 6:32 pm Too bad. Most disappointing is that smaller African countries are doing better.

Sadly the naira is one of the most worst currencies in Africa
I believe the debts are the main problem

See dollar