The Nigerian naira is technically doing well this year; down just 4% against a strong US dollar and ahead of the Canadian and Swiss currencies. But, according to a Bloomberg study, it is still among the poorest performers internationally.
After the Sri Lankan Rupee and Ghana’s cedi, which is down over 55% this year; it is now one of the worst-performing currencies in the world, according to Bloomberg. This year, the value of the naira against the dollar has dropped by 37%.
The official exchange rate is ration by Nigeria’s central bank, denying access to a large number of enterprises and people. As a result, demand shifts to the unofficial black market.
As a result, there is now a disparity of more than 90% between controlled and parallel markets. The dollar was quoted at N890 by street dealers in Lagos, Nigeria’s commercial center, according to Umar Salisu, a bureau de change operator who monitors the data and was cited by Bloomberg. On Friday, 4th November, 2022, the naira officially ended at 442.75 to the dollar.