The exchange rate between naira and the US dollars depreciated at the Investors and Exporters window, at the beginning of this week’s trading to exchange at N434.75k, representing a 0.75% decrease when compared with N431.50k the currencies traded as at the close of business last week.
An exchange rate of N437.50k to the dollar was the highest rate recorded within the day’s trading before it settled at N434.75k.
Tell me more…
Naira traded for as low as N425 to the dollar within the day’s trading. Similarly, at the Parallel Market. the exchange rate fell to N705/1$, representing a 0.43% depreciation compared to N702/1$ recorded on Friday, September 2, 2022.
A total of 99.68 million dollars was traded at the official I & E window on Monday, September 5, 2022.
Naira is the 11th worst-performing currency against the dollar
Naira is now the 11th worst-performing currency against the United States dollars according to Hanke’s currency watchlist.
The data showed that as of September 2, 2022, the naira lost about 48.87% of its value against the dollar compared to its value in January 2020.
The data revealed that the Zimbabwean RTGS dollar, which has lost 99.33% of its value, is the second worst-performing currency in the world. The Venezuelan Bolivar is the worst-performing currency with a depreciation rate of 99.39%.
What you should know
Steve H. Hanke, a professor of Applied Economics at John Hopkins University, expressed his displeasure about how the Nigerian government is handling its currency. A statement credited to him says:
“In this week’s Hanke’s #currencyWatchlist, Nigeria takes the 11th place. The naira has depreciated against the USD by 48.87% since Jan 2020. With sleepy Buhari at the helm, the Nigerian naira is tanking”.