The Zimbabwean Dollar which was the worst currency in the world in the last decade is now valued more than the Nigerian Naira.
At the time of writing this, 1 Zimbabwean dollar is equal to 1.14 Nigerian Naira. Which shows that Zimbabwean currency is 14% better than the Nigerian currency.
In 2019 1,000,000,000,000 ZD was exchanging for 1 USD. Due to over 1,000% hyperinflation rate in Zimbabwe, the government started to allow some retailers to accept other foreign currencies as they printed banknotes with higher and higher values to keep up with inflation. It got to a point where the government of Zimbabwe allowed the use of multiple currencies. At least 9 different currencies were used as legal tender in the country. Currencies like U.S Dollar, Botswana Pula (BWP), EURO, South African Rand (ZAR), Indian Rupee (INR).
At that time, Zimbabweans used to carry their money in bags and wheelbarrow to the market to buy commodities. Even children carry bundles of Zimbabwean dollar to buy candy.
In 2015, the government announced that those who had bank accounts could exchange 35 quadrillion Zimbabwe dollars for 1 USD in those accounts.
Currently, 1 USD is exchanging for 361.9 ZD
While 1 USD is exchanging for 411.54 NGN at official exchange window
And 1 ZD is equal to 1.14 NGN
Having overtaken Zimbabwean currency, Nigeria's currency is now the worse currency in the world.
Is Nigeria heading the way of Zimbabwe of one decade ago?