The Naira, Nigeria’s currency, has been ranked as the 11th worst-performing currency against the US dollar in the world and the fourth worst in Africa.
This is according to Hanke’s Currency Watchlist, computed by Steve Hanke and John Hopkins University.
The data shows that as of September 2, 2022, the Naira had lost 48.87% of its value against the US dollars compared to its value in January 2020.
Naira among worst performing currency in the world Credit: Pius Etim Source: Facebook
Also, it is revealed the Zimbabwean RTGS dollar, which has lost 99.33% of its value against the US dollar, is the second worst-performing currency in the world.
Venezuelan Bolivar took the crown as the worst-performing currency, with a depreciation rate of 99.39%.
According to Hanke, in determining the currencies' performance, the black and spot exchange market was used.
Financial experts believe that countries with worst performing currencies should expect the following;
Legit.ng earlier reported that the Nigerian currency has dropped to its biggest low to the US dollar in the last seven months at the official market, and it could get worst in the coming months.
FMDQ securities data shows that at the official market, Naira on Tuesday closed at N430, which is a N4.25 or 0.99 percent devaluation from N425.75 posted in the previous market session on Monday.
The last time Naira exchanged at N430 or above was Thursday, 30th December 2021, at the official market.