World Bank Links Naira Crash To Rising Food, Energy Prices

The World Bank Group has hinted on why food and energy crises persisted in Nigeria and other emerging economies in recent months.

In its latest commodity markets outlook released at the weekend, the apex global bank said the shrinking value of the naira and currencies of most developing economies was driving up food and fuel prices in ways that could deepen the food and energy crises that many of them already faced.

The naira exchanges at N438/$ at the official market, and above N780/$ at the parallel market. The local currency is projected to depreciate by 20 per cent in 2023.