Naira Value Drops Three Days in a Row, Ranks as One of the Worst-Performing Currencies in the World

Naira Value Drops Three Days in a Row, Ranks as One of the Worst-Performing Currencies in the World

  • Naira has maintained its position in the list of countries with the worst-performing currencies in the world
  • The list is compiled by a renowned economist, Hanke ranked Naira in the 15th position
  • Countries in Africa, Asia, and South America all made the list and Zambia currencies led the pack

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Nigeria’s currency has been ranked the 15th worst-performing currency against the US dollar in the world as at December 6, 2022.

This is an improvement when compared to the 11th position it occupied in September 2022, in Hanke’s Currency Watchlist, computed by Steve Hanke and John Hopkins University.

However, the performance of the Naira does not show that it is performing better, but rather that other currencies throughout the world have experienced the most losses.

Naira currency performance dollar steve
Naira is among the worst-performing currencies in the world Credit: Pius Etim

According to Steve Hanke Naira has lost 28% of its value against the US dollar as of December 6, 2022, when compared to its value in the start of the year.

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Worst-performing currencies in the world

Hanke revealed the Zimbabwean RTGS dollar, which has lost 77.78% of its value against the US dollar, took the crown as the worst-performing currency in the world.

While the Venezuelan Bolivar, with a depreciation rate of 62.72% is the second worst-performing currency in the world.

Methodology

According to Hanke, in determining the currencies' performance, the black and spot exchange market was used.

Latest Naira performance again US dollar

Meanwhile, on Thursday, 8 December 2022, Naira depreciated against the US dollar across foreign exchange markets.

Thursday's depreciation means that Naira has dropped in value for three consecutive days since the Central Bank of Nigeria’s announced cash withdrawal policy.

Data obtained from the FMDQ securities where Naira is officially traded shows the exchange rate between the naira and the US dollar closed at N446 to a dollar at the Investors and Exporters window on Thursday, 8 December 2022.

Wednesday's rate at the official window represents a N0.17 or 0.3 percent devaluation from the N445.83/$ it exchanged on Wednesday, December 7 2022.

Similarly, at the black market, Traders sold a dollar at N760 to willing buyers and N753 to Nigerians looking to exchange for Naira.

NCC reveals list of mobile phones Nigerians must not buy or use

In another report, Legit.ng has revealed that the Nigerian Communications Commission (NCC) released a list of unapproved phones that Nigerians are not permitted to purchase or use.

The commission also advised against using the mentioned gadgets and warned against counterfeits.

Most of the phones listed are available in the market and can be purchased for as little as N2,000.

Source: Legit.ng

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