According to Bloomberg, in 2023, the worst-performing currency in the world was the naira, the national currency of Nigeria. At the end of 2023, the Nigerian currency ranked among the world’s top three weakest, trailing behind the Argentine peso and the Lebanese pound. By the end of 2023, the naira had depreciated by 55% against the US dollar. Analysts predict further devaluation of Nigeria's currency shortly. Among the world's worst currencies in 2023, only the Argentine peso and the Lebanese pound were behind the naira falling by 78.1% and 89.9% respectively. The devaluation of the Nigerian naira began in June after the Central Bank of Nigeria had decreased its exchange rate. At the same time, Nigerian President Bola Tinubu rejected expensive subsidies for gasoline. Against this backdrop, inflation skyrocketed by 28.2% alongside with the national currency’s depreciation. In the spring of 2023, Nigeria experienced a wave of protests. Citizens were against the introduction of digital currency, leading to restrictions on cash withdrawals. In 2023, the top 3 weakest currencies against the US dollar were the Afghan afghani (by 26.4%), the Colombian peso (by 25.9%), and the Mexican peso (by 15%). In September 2023, experts noticed an unexpected rise in Afghanistan's currency. According to analysts, since the beginning of 2023, the value of the afghani has increased by almost 14%.
