2016 is a year that’ll go down in history for many reasons. One of those reasons is recession but despite the recession and the unprecedented depreciation of the Naira, it wasn’t the worst performing currency in the world.
According to Bloomberg, Bitcoin, the increasingly popular cryptocurrency or digital currency, was the best performing currency in 2016.
The worst performing currency for 2016 was the pound. Not the British pound, but the Egyptian pound, which depreciated by 58.84 percent.
The Nigerian naira, which fell by 36.68 percent, was the fourth worst performing currency of 2016 — just ahead of the Egyptian pound, and the Venezuelan Bolivar. Russian ruble appreciated by 21.31 percent, while the Brazilian currency gained 20.96 percent through the year.
The Zambian kwacha, the South African rand and Lesotho’s Loti were the best performers on the continent, appreciating by 11.96 percent, 11 percent and 11 percent respectively.