Naira ends 2016 low, rated one of the worst global currencies

The Naira is one of the world’s four worst performing currencies in 2016, Bloomberg LP reports.

According to the report, the Naira wassaid to have lost 36.68% of its spot returns for the year.

The Nigerian equity market fared worst in the year, as the nation’s economy is set to contract in 2016 for the first time in more than 20 years.

This is because the capital controls deter foreigners from investing coupled with militants are blowing up pipelines, amongst other challenges.

NAIJ.com's check today, December 30, has shown that the local currency stayed unchanged at the parallel market, as it still trades at N490/$1, one day to 2017.

The Naira also stayed low at N590 per pound and N502 per Euro at the
parallel market.