Naira’s performance against dollar in 2019 weakest in 20 years

Nigeria’s Naira recorded its weakest performance against the United States dollar in two decades, closing the outgone 2019 on an average of N362.60, the worst run since the country returned to democratic rule in 1999.

A Premium Times analysis of Bloomberg financial data showed that in the twenty-year period, naira dipped against the greenback by about 265 per cent. The figure represented a marginal dip against 2018 when naira averaged N362.59 to the dollar.

The Nigerian currency averaged at N99.40 in 1999, according to details obtained from the terminal.

Prior to the period, especially during the administration of the late Sani Abacha, the naira largely fluctuated between N60 and N70 against the dollar in the parallel market, although the government pegged its “official rate” at N22.

Upon return to democracy in 1999, the Nigerian currency dipped further to about N90. By the turn of the millennium, naira averaged N99.40, amidst depleting foreign reserves, low oil prices, huge debt and a shrinking economy.

– Premium Times