W’Bank Opens Up on Naira Depreciation, Says It Will Worsen Food, Energy Crisis
CBN GOVERNOR
The world Bank has warned that the continued depreciation of Nigeria’s currency, Naira, will hit the country badly with worse food and energy crises.
The bank said that most developing countries which are having depreciating value of currencies could suffer worse food and energy issues.
The position of the bank is contained in its latest Commodity Markets Outlook report.
The report pointed out that in US, prices of commodities have witnessed decline after recent peaks in what is interpreted to be a sign of global recession.
According to the report, the Russian-Ukraine war led to the fall of Brent crude oil by nearly six percent, adding that because of currency depreciation, close to 60 per cent of oil-importing emerging market and developing economies witnessed an increase in domestic-currency oil prices during the period.
The report added that 90 percent of these economies have witnessed higher increase in the prices of wheat in their local currencies.
The bank said that most developing countries which are having depreciating value of currencies could suffer worse food and energy issues.
The position of the bank is contained in its latest Commodity Markets Outlook report.
The report pointed out that in US, prices of commodities have witnessed decline after recent peaks in what is interpreted to be a sign of global recession.
According to the report, the Russian-Ukraine war led to the fall of Brent crude oil by nearly six percent, adding that because of currency depreciation, close to 60 per cent of oil-importing emerging market and developing economies witnessed an increase in domestic-currency oil prices during the period.
The report added that 90 percent of these economies have witnessed higher increase in the prices of wheat in their local currencies.
FOLLOW US
About Post Author
