Transcribed

Policymakers Snookered as African Currencies Tank Against US Dollar  

Jul 21, 2023 · 25m 10s
Policymakers Snookered as African Currencies Tank Against US Dollar  
Description

African currencies have lost ground against the US dollar year-to-date, thereby driving inflation in the import-reliant continent. Policymakers across the continent are left with limited options to arrest the decline...

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African currencies have lost ground against the US dollar year-to-date, thereby driving inflation in the import-reliant continent. Policymakers across the continent are left with limited options to arrest the decline as a result of depleting dollar reserves, according to a report adapted from DW.
As US interest rate hikes make the dollar more attractive to investors, sub-Saharan African currencies have been weakening. The downward spiral of the African currencies against the US dollar this year has been spelling trouble for citizens and businesses alike.
The Nigerian naira is, so far, the biggest loser, falling more than 70 per cent against the dollar this year, chiefly after the Central Bank of Nigeria (CBN) removed trading restrictions on the official currency market.
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Author Africa Business Radio
Organization Africa Business Radio
Website -
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