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(Bloomberg) -- Even by the standards of Nigeria’s byzantine foreign-exchange market, it’s been a crazy week for the naira. But as the dust settles, new measures are in place that could prove decisive for the fortunes of the world’s worst-performing currency.Most Read from BloombergDonald Trump Loses London Case Against Ex-MI6 Spy Over Kremlin DossierA $560 Billion Property Warning Hits Banks From NY to TokyoApple’s China Slump Deepens Even as Total Sales Grow AgainQQQ Up in Late Trading as Meta

Inflation, fiscal, forex pressures expected to persist

The outlook of Nigeria’s naira in 2024 is gloomy as the currency of the largest black country in the world is poised for its worst year since the return to democracy in 1999.   With foreign reserves of $32.8 billion, the lowest in a six-year, analysts predict further depreciation in 2024, Bloomberg reports.  

A US-based media company, Bloomberg L.P., has predicted a continued decline of the Nigerian naira in 2024, potentially making it the worst-performing currency

Nigeria’s eurobonds fell for a second day on Wednesday, after the government ruled out any increment in the pump price of petrol despite the recent rise in global crude oil prices.