Naira Named Fourth Worst Performing Global Currency in 2016

The Nigerian naira has closed on an abysmal note after ending the year as the fourth worst performing currency in 2016....

The naira had a huge hit this year as it performed woefully against other currencies losing most of its value. According to a report by Bloomberg, here is a look at how the world's currencies performed in 2016.

It was a particularly bad year for any currency called the "pound." The Egyptian version was the worst performer in 2016 as the nation took the dramatic step of allowing it to trade freely in an attempt to stabilize an economy struggling with a dollar shortage and concerns over social unrest. Britain's pound tumbled after Brexit and never recovered.

On the other side of the spectrum, digital currency bitcoin was the best performer this year, rising more than 100 percent as capital controls in places like China and isolationist rumblings in the U.K. and U.S. have fueled interest in alternate currencies.

When it comes to currencies issued by governments and central banks, the Russian ruble has been the best performer of the year as the oil market rebounded.

Nigeria's equity market fared worst in the year. The nation's economy is set to contract in 2016 for the first time in more than 20 years as capital controls deter foreigners from investing and militants are blowing up pipelines. The naira became the fourth worst performing global currency in 2016 losing most of its value.

Despite recent unrest, Brazil's Ibovespa stock index remains the best performer for 2016 when looking at all indices in terms of the U.S. dollar. This is largely due to hopes that President Michel Temer, who took office after Dilma Rousseff was impeached, will end the worst recession in a century and bring about political stability.