A Nigerian lady has raised concern over the constant fall in Nigeria’s Naira against the US Dollar in terms of value in the market.
As the black market rate of naira to dollar hits N765, a digital marketer did a comparative analysis noting that with the current exchange rate, someone earning a naira daily would not be able to make up to $1 after 365 days.
Tolu took to Twitter to raise concerns and other Nigerians on the platform came to the realization that it is factual.
She tweeted; ”The difference between 1Naira and $1 is so big that if you Earn 1Naira everyday you won’t make $1 in a year.”
See the post:
The difference between 1Naira and $1 is so big that if you Earn 1Naira everyday you won’t make $1 in a year
— Tolu Of Canada🇨🇦 (@Not_Tolulope) November 21, 2022
In reaction, @Omo_wunmi_ wrote; You’ll even be making half of it – N365 < $1
@theakorede; On black market, two years never reach
@OTunBa7; 2Naira everyday still won’t get you a dollar in a year…
@Tegadeyforyou; Wow. Calculating this. It’s so true oh
@GallantMaverick; 1Naira everyday for a year can’t even get data subscription that’ll last for a week🥺
@StarkParsifal; it will take 2 years.. if lucky it doesn’t dip more
This coms after Abdulrasheed Bawa, the Chairman of the Economic and Financial Crimes Commission, EFCC said the dollar might drop to N200 after the Central Bank Of Nigeria (CBN) implements the redesigning of the naira.
The anti-graft agency boss made this statement in a recent interview with Deutsche Welle (DW) Hausa service.
Bawa said; “The law says the redesigning of Naira notes should be done every eight years but we spent 20 years without any changes on them.
And that resulted to 85 per cent of money are in circulation not in banks, when CBN came up with this redesigning, dollar moved to 880 and later dropped to 680 or thereabouts. So you see with this redesigning dollar may massively fall, who knows probably to ₦200.”