Davido cries out, says 1 Dollar will hit 1000 Naira soon

Popular artist Davido has expressed concern over the depreciation of Nigeria’s currency, predicting that it would soon reach a critical stage soon.

Taking to the micro-blogging platform, Twitter on Monday, May 30, music star, David Adeleke, AKA Davido stated that the present depreciation of the naira to the dollar and the economic standpoint would reach its lowest point if nothing is done.

While the official CBN rate for Dollar-Naira exchange rates is $1 to N415.65 as of today, on the black market, BDC operators buy a dollar for N580 and sell it for N610.

While expressing his displeasure, with the dollar’s meteoric surge versus the naira, he wrote;

“Dollar heading to 1k Drastic action is needed”.

However, it is worth knowing that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.