To be able to lose weight doing squats everyday you need to do at least 5 to 10 squats each and everyday.
You could do 5 or 10 squats in the morning when you wake up and then do another 5 or 10 squats before going to bed.
The more squats you can do per day the better chance you have at losing weight.
You also need to do other exercise such as walking, running, jogging etc and change your diet and reduce your calorie intake to allow your body to shed the weight and keep it off.