Nigeria's naira named among worst performing African currencies in 2014

Nigeria's naira, Ghana's cedi and Zambia's kwacha have been named the worst performing African currencies in 2014.
According to Reuters, the currencies were among a small basket that are relatively liquid, as falling commodity prices take a toll on some of the continent's "lion" economies.m

The naira shed about 13.5% last year, while South Africa's rand fell over 10% while Kenyan and Ugandan shillings yielded about 4.5 and 9% respectively.

On November 25, 2014 the Central Bank of Nigeria(CBN) devalued the midpoint of naira by 8% from 155 to 168. The CBN blamed the naira slide on falling oil prices and speculations by currency dealers.

The cedi lost about 27% in 2014, Economic growth in 2015 is seen slowing to 3.9% in from an estimated 6.9% last year.

Zambia's kwacha ended the year on the backfoot amid tax rows with mining houses, a lower growth forecast and a looming election.