Major Failure As Buhari, APC, Suffer The Worst Humiliating International Embarrassment

By Joshua Amaugo December 30, 2016 14:02

Major Failure As Buhari, APC, Suffer The Worst Humiliating International Embarrassment

‎A latest report from Bloomberg LP, has rated the Nigerian currency (Naira), as one of the world’s four worst performing currencies in 2016.

The Naira ‎was said to have lost 36.68 percent of its spot returns for the year, while the Egyptian pound, Suriname dollar, and Venezuela bolivar’s currency spot returns, dropped by 58.84 percent, 46.68 percent, and 37 percent, respectively, for the period.‎

The Nigerian equity market on the other hand, fared worst in the year, according to the report, as the nation’s economy contracted in 2016, for the first time in more than 20 years, due to capital controls, which deterred foreigners from investing, while militants were blowing up pipelines.‎

The report, however, rated ‎the Russian ruble, Brazilian real, the Palladium, the Iceland krona, and silver, as the 5 best performing currencies of the world in 2016‎, which appreciated by 21.31 percent, 20.96 percent, 20.08 percent, 14.42 percent, and 14.41 percent, respectively, in terms of spot returns.‎

On the Africa continent, two African currencies, the Zambian kwacha, and South African rand, emerged as the sixth and seventh best performing currencies of the world.

The kwacha and rand appreciated by 11.96 percent, and 11 percent, respectively.

Part of the report reads: “It was a particularly bad year for any currency called the ‘pound’.

“The Egyptian version was the worst performer in 2016, as the nation took the dramatic step of allowing it to trade freely, in an attempt to stabilise an economy struggling with a dollar shortage, and concerns over social unrest.

“Britain’s pound tumbled after the Brexit, and never recovered.

“When it comes to currencies issued by governments and central banks, the Russian ruble has been the best performer of the year, as the oil market rebounded.

“While the UK currency’s slide didn’t match those in some emerging markets, it did tally the worst performance among major currencies,” the Bloomberg LP said.

For ‎spectrum, digital currency, bitcoin, was the best performer this year, rising more than 100 percent, as capital controls in places like China, and isolationist rumblings in the United Kingdom, and the United States, fueled interest in alternate currencies.

‎Bloomberg, an American company, connects decision makers to a dynamic network of information, people, ideas, and accurately delivers business and financial information, news, and insight around the world.‎