Bisina SomtoIn Nigeria, the exchange rate has reached all all time high, with the dollar now exchanging for one thousand six hundred naira, while the pound surpasses two thousand naira.
This increase has sparked outrage across social media platforms, particularly on X, formerly known as Twitter. The depreciation of the naira against major international currencies such as the dollar and pound not only impacts individual purchasing power but will also affect businesses, investments, and overall economic stability.
READ ALSO:Naira Trades Above N1,500/$1 Amid CBN’s Forex Market Reforms
The implications of this exchange rate surge are multifaceted. As Import-dependent businesses face heightened production costs as they struggle with increased expenses for imported goods and materials. This can lead to a domino effect, ultimately burdening consumers with higher prices for everyday essentials.
The uproar on social media platforms like X shows the frustrations and concerns of Nigerians dealing with the implications of the exchange rate crisis. Citizens express dismay over the erosion of their purchasing power, lamenting the challenges of making ends meet in an environment of soaring prices and stagnant incomes See some reactions of Nigerian twitter users:
Tinubunomics and Forged Presidency!
Dollar is N1600, inflation 29.9%, erratic power supply, 133m Nigerians in multidimensional poverty, insecurity, shambolic elections, food crisis and the issues are endless…
— Sir IG (@ignatius2009) February 15, 2024
President @officialABAT should constitute a new economic team and give them conditions. Baba should reverse his policies humbly and allow people breathe first. Dollar is N1600 and pounds already above N2000.
— ROQIB AKINYEMI (@roqibtunde) February 15, 2024
Dollar is N1600 & headed for N2000.Marketers have already pegged the landing cost of fuel to be 1000/litre. They're still using subsidies to cover but not for long.
Not one single Nigerian has raised a placard in protest. They don't want to peme. You're already in hell 🤣 pic.twitter.com/OJwxHZI6nc
— Ure Caleb Danjuma (@ure_caleb) February 15, 2024
READ ALSO:Price Control, Wigwe University And Dollar School Fees
“Na statistics we go chop?”
“Is it dollar we’re spending in Nigeria?”
“We need his brain not his body”
— Keem (@eazisrael) February 15, 2024
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.
As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.
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