The free falling that has characterised the naira- in recent time- continued at the parallel market on Thursday, February 18, with the Nigerian currency nosediving to 391 against the dollar as the foreign exchange scarcity persists.
The naira in less than two weeks has lost over 28% of its value in the black market with one dollar selling for as much as 400 naira on the streets of Lagos, Abuja and other major hubs in the country, on Friday, February 19.
Bureau De Change workers and financial experts have linked the constant fall of the naira to the panic-buying of the dollar and other major hard currencies by importers and businessmen.
Nigerians fear that the fall of the naira which has persisted for 11 straight days, seems to be nowhere near its end, with some claiming that the indecisiveness of the current administration is the cause of the unbridled descent.
See reactions of some Nigerians on Twitter.
This continuous rise in naira to dollars exchange makes no sense!!ATALLL. ..this is not the change I expected ….
— #HOWIFEEL (@yemialadee) February 18, 2016
Babe, with the way our dear naira continues its free fall. A guy might need to get rich before asking a lady out. https://t.co/Bqp9pzsQAR
— Adeola Amosun (@Adeolamanuel) February 19, 2016
£1 = N505 !!! The Pound has officially turned our darling Naira into an old model Peugeot.. ='( ='( ='(
— SirLAMPS ?? (@Super_Spotter) February 18, 2016
The Naira is N400 to $1?
How is Garri still N200 per module?
Kudos to Nigerian farmers!!!— Imhons #EndSARS (@Imhons) February 19, 2016
Essentially, everyone who works at a BDC is out of a job, because of an idiotic decision to "grow the Naira"
— The Black President (@Olumuyiwa__) February 19, 2016
Hearing about this Naira to Pounds rate saddens my heart tbh
— ahounfe (@Mayowaaa_) February 19, 2016
https://twitter.com/flameznoni/status/700599028686295040
https://twitter.com/FemiPhoenix/status/700414215719424001
I think we should forget about naira and go back to using Cowries.
— Otunba Town. (@JJscatter) February 18, 2016
The Naira, having overtaken the Zimbabwean Dollar, is chasing the Ugandan shilling with fervor while we feverishly defend PMB & blame GEJ
— HRH Adabekee? (@cremechic11) February 18, 2016
https://twitter.com/Diifab/status/700329143376941056
The naira has now reached the N400=$1 mark!
If you buy $ at the official rate, you now officially have a "money doubling" licence.
— Onye Nkuzi (@cchukudebelu) February 18, 2016
When Naira is 385 to a dollar and Nigerians are more concerned with Psquare's management and Linda's Birkin. pic.twitter.com/ZkMRBHCzQq
— DISTINGUISHED (@Sam_Or_Muna) February 18, 2016
Lai Mohammed and Apc will keep blaming GEJ until our economy is beyond repair, until 1$ enter 1k naira..
— Asiwaju (@Asiwaju_limited) February 18, 2016
Shouldn't someone in govt be telling us why 400 naira = 1 dollar yesterday,
And how govt will protect the citizens?
— káyòdé Jasòn (@KayodeJason) February 19, 2016
Gej ruled for 5yrs naira to dollar only raised by 60naira
PMB ruled for 10months naira to dollar raised by #200— offensive Asshole (@TCastolo) February 19, 2016
Leave a reply