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Naira Watch

Naira falls again to US dollar, now 15th worst-performing currency

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The Nigerian currency on Wednesday continued its bad run as it depreciated to N445.83 a dollar at the official market.

This was a 0.11 per cent slight drop in value when compared to the N445.80/$1 it sold at the Investors and Exporters window on Tuesday.

Naira suffered another bad performance as participants during trading exchanged $127.78 million on Wednesday, slightly more than the $120.23 recorded on Tuesday.

At the black market, the Naira was sold at N760.82 on Wednesday to the dollar depreciating from N730 it sold on Tuesday.

READ ALSO:Naira crashes as CBN introduces new withdrawal limits

The exchange rate at the official market closed at N445.8/$1 on Tuesday, 6th December 2022, representing a 0.11% depreciation compared to N445.33/$1 recorded in the previous trading session.

Meanwhile, the latest ranking on currency performance showed that Naira closed the month of November as the 15th worst-performing currency in the world.

The ranking, which is done by Steve H. Hanke, revealed that the Naira since the start of 2022 has dropped in value by 28.75%.

The worst-performing currency in the world is the Zimbabwe dollar, while Ghana’s cedis sat in the fourth position.

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