Nigeria's Naira has been ranked as the fifth worst currency in the world, according to American Professor of Applied Economics, Steve Hanke. The Zimbabwean ZiG holds the top spot, followed by the South Sudanese pound, Sudanese pound, and Burmese kyat.

Hanke's study, conducted at The John Hopkins University, also places the Ghana cedi in sixth place and the Libyan dinar in seventh place. Concerns were raised over the continuous depreciation of the Nigerian naira in a post shared on X platform on Thursday, September 26, 2024.

On Friday, Hanke complained about Nigeria’s inflation, which has become the 4th highest in the world as a result of the poor economic situation in the country, coupled with the continuous hike in fuel prices.

“Nigeria's money supply (M3) remains OUT OF CONTROL at 62%/yr. It's no surprise that today, I measure Nigeria's inflation at a FLAMING 119%/yr — the 4TH HIGHEST IN THE WORLD.”

Since January 2024, the naira has experienced significant depreciation due to surging demand for import payments in the foreign exchange (FX) market. Nigeria's economy has been facing a shortage of US dollars, leading to overreliance on foreign inputs and US dollar-related deals.

The Central Bank of Nigeria (CBN) is expected to take action to reduce exchange rate volatility by selling FX to authorized dealer banks this week. Last week, the Nigerian autonomous foreign exchange market rate traded between N1,500 and N1,672, closing at N1,541.5 in the spot market.

In response to the naira's devaluation, Hanke called for President Tinubu to "TAKE THE EXIT DOOR," citing the naira as the 5th worst currency in the world with a 28% depreciation against the USD since January 1st. Hanke also dismissed Nigeria's official August inflation rate of 32%, measuring it at a staggering 123% annually.

Hanke's comments sparked reactions from Nigerians, highlighting concerns over economic mismanagement under President Tinubu.

His comment attracted reactions from Nigerians.


@attamakuza: I agree with the 123% as that is more representative

@Double_Dee4U: I knew it. There's more to those figures than meets the eye....

@TeflonOG3: This is crazy, Nigeria is falling and fading away real quick before our eyes

@justdaray: I'm inclined to believing this. Things are that bad.


@augustinec0339: Politicians will tell statisticians what to report

@doctokwus: 32% inflation in Nigeria is a joke.Inflation by any rough estimation,based on formula known by every economist should be nothing less than 84%

@nkomekwuru: I think is far higher than 123% for food inflation. Price of food stuff and other household essentials had quadrupled.