The naira has fallen 55 percent against the dollar, with analysts predicting further devaluation. In terms of the rate of depreciation in the past year, it was surpassed only by the Argentine peso (78.1 percent) and the Lebanese pound (by 89.9 percent).

The devaluation began after the Central Bank (CB) floated the national currency in June and elected President Bola Tinubu abandoned costly subsidies on gasoline. This, coupled with the weakening of the naira, resulted in inflation rising to 28.2 percent. Earlier, at the beginning of spring, protests broke out in Nigeria among residents dissatisfied with the introduction of digital currency, against the background of which restrictions on the issuance of cash began to be applied.

The three currencies that rose the most against the dollar in 2023 were the Afghani (by 26.4 percent), the Colombian peso (by 25.9 percent) and the Mexican peso (by 15 percent). Journalists drew attention to the unexpected growth of Afghanistan’s currency back in September, when its value increased by about 14 percent since the beginning of the year.