Naira have been recorded to be worst performing currency in the world

[Ever-young]

According to Bloomberg report   Naira way be the country currency don they listed among the worst world performing currency right now.

After the attack way CBN been they attack Naira and dollar dealers both exchange and black market dealers say them get hand for Watin they bring the value of Naira down, eh dem somehow manipulate the rate down to 1300 and eh even fall reach 1090 for market, way make the current CBN governor talk say Naira nah the best performing currency as of that time way be April

With the way things they go make we no surprise if we see the rate between 1500-1800 per $ again.

Nigeria’s naira has experienced a reversal in its recent gains, emerging as the world’s worst-performing currency over the last month, according to a new Bloomberg report.

The Friday report emphasised that this development places increased pressure on the Central Bank of Nigeria to continue raising interest rates.

The naira has depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.

This decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.

[Charles-Tim]

It was the best performing when it appreciated in price from ₦1600 to ₦1001 to a dollar. But it later decreased to ₦1460 which is now the price as I was posting this. Naira is too volatile. I saw the news recently but I was not surprised about it. There is no way the government will want to manipulate, the economy will determine the price of fiat.

[Wiwo]

high time Nigeria government through the CBN re channel their energy on other factor's of the economy like boosting local production and consumption of locally made Nigeria good, because it obvious that fighting to recover the value of the naira against dollar is a fruitless fight if the right thing that will sustain the naira value is not put in place.

For God sake, no one cares if naira gain value to 100# to $1 if the price of goods in the local market is still extremely high and increasing daily, so what the fight for and why struggling to be the best currency when the internal economy is in high inflation?

When I saw all the shenanigans the CBN governor was putting up against currency speculators and traders it becomes obviously clear to me that the government was already fight a lost battle since price of goods and price of fuel was still going up and remains high.

There are major determinant factor's that boost economy,  and currency value is not the number nether is it even number 3 among the list.

[Justbillywitt]

Na because say Dem been dey collect dollars from the country foreign reserve account dey pump into the system thinking say nobody will notice. Shey be the CBN governor been dey say them no touch foreign reserve account, now make him perform the magic make we see. Naira will keep performing badly because our leaders are clueless and they don't know what they are doing. The policies of this government are not working. Even when the Naira was appreciating, I knew that it will only be a matter of time before e fall yakata again and now that prediction has come to pass. For me since wey nothing gree come down for market, make the dollar kukuma trade for #1,500 so that everybody go rest. Even the federal government are enjoying the high rate of dollars as  na Dem cash out pass, they are selling oil in dollars so higher exchange rate means more money for them.

[Cryptomultiplier]

Since the Bola Tinubu administration, we have seen   new reforms being implemented  of which has included the removal of petrol and electricity subsidies and devaluing the naira currency twice within just a year, all in a bid to narrow the gap between the official and parallel market exchange rates so that cost of living would improve.
Even backlogs owed by the former administration had to be cleared off by this current CBN governor inorder to smoothen things out and so that the Naira will at least still maintain some form of stability and be of much value.

Still there has been many who still think that increases in fuel pump prices hasn't kept up with the dollar cost and this should cost up to 3% of this counties GDP at the end of a comprehensive report, making the Naira still as weak and underperforming as can be seen.

[Mate2237]

Last few weeks naira was tag as the 3 best performing currency in the world. And I think those who analysis that where not good enough. And when they said so the exchange rate was about #1100 and today again Nigeria economy is the worse performing currency in the world. As for me since when Tinubu took over di mantle of leadership in di country di economy has been bad till now.  And na so di s economy go dey till 2027. Tinubu is not there to make things good and to spoiled things.

[Cryptoprincess101]

Why naira no go follow for worst performing currency for the world wen e be say the time wey we go dey happy say the naira don dey gain strength before you no it e don start to lose the strength again and start depreciating and dis tin don dey be like this for long wey be say no time wey we dey fully boost say our currency don get value, the price of things across the country sef na im be the worst because something wey ordinarily you suppose buy for #1000 you go buy am either #1500 or #2000 so e come dey make the naira no get value again so how the Nigerian naira no go follow for worst performing currency with all dis bad changes.

[iBaba]

It was the best performing when it appreciated in price from ₦1600 to ₦1001 to a dollar. But it later decreased to ₦1460 which is now the price as I was posting this. Naira is too volatile. I saw the news recently but I was not surprised about it. There is no way the government will want to manipulate, the economy will determine the price of fiat.

The thing about Naira appreciation and depreciation is tied towards the economy of the country. The reality remains that if we as a nation are not ready yet to change the status quo and work on the true solution to our very unstable economy, it will always affect our currency which will fluctuate in the uptrend and downtrend. What I expect the government to do, which they are currently doing is to work towards strengthening on our GDP and increasing our investments on local production. Nigeria has all it takes to be a major producer of most demanding products in the world, including mineral resources as well as iron ore and coal, all we need to do is to properly explore these areas and commercialize them. Government needs to go into as much PPP arrangements as possible with private sector to make this happen. This is just one aspect amongst others that we can explore.