Naira crashes
Home News Naira Crashes Drastically with an Exchange N1005/1£  
News - November 8, 2022

Naira Crashes Drastically with an Exchange N1005/1£  

After surpassing the symbolic N1,000 threshold at the parallel market, the value of the Nigerian naira crashes to an all-time low against the British Pound Sterling.

The British pound fluctuated around N1005 to £1 on November 7, 2022. In the meantime, the Euro traded at around N865-N870 to $1.

The naira’s sharp devaluation is likely to have an impact on inflation and lead to a large-scale exodus of Nigerians to countries with stronger currencies.

Andrews Elueni, the managing director of Flawless Capital Limited, predicts that before the end of 2022, the Naira’s exchange rate may surpass the N1,000:$1 threshold.

“It will get to N1,000 before the end of the year, the reason being that there is a lot of fraud and corruption in the system,” Elueni reportedly said.

He added that despite the CBN’s initiatives to revamp its currency while having the support of President Muhammadu Buhari, this action has failed to stop the naira’s decline.

RELATED:

Nigerian Naira Nose Dive: Stakeholders Concerned about Possible N1000/$1 Exchange Rate

Reactions from Nigerians

A number of Nigerians have expressed their opinions about the development. Let’s look at a few that were spotted on social media.

OroGbiniie, a Twitter user, expressed concern about how the depreciation of the naira might impact the wage received. He stated:

“£1=1000 naira . An average worker in Nigeria earns between 100k-120k , which means average salary in this country is £120 . ONE HUNDRED AND TWENTY POUNDS is what somebody’s 9 months will take home after 30 days of swear and blood . And somehow somebody wants to continue with this.”

Buwa Memeh voiced his disapproval of the administration. He asserted that the government’s inefficiency was to blame for the naira’s decline to N1000 to £1. He stated:

“In @MBuhari’s Nigeria, 1000 naira = 1 pound. The most incompetent President, Worst CBN governor, and most incompetent Finance Minister all serving at the same time and you expect Nigeria to grow.” 

Dr. Idara Umoette expressed her displeasure at the sharp rise in import goods prices. She said:

“I thought this when the pound crossed the N1,000 mark. A skincare product that costs 80 pounds was 20-something thousand some years ago. Today? 80k pere.”  

 “La Mer nko?? How much would the entire set of La Mer cost now? It’s very painful to see the naira in tears like this.” 

David O Aderinokun said: “God will seriously punish anybody that supports APC again, how the hell is £1000 – N,1,000,000.00? For the first time in my life, I’m uncertain about the future. Which way Nigeria.” 

NEXT:

How to Build the Next Billion-Dollar Startup in Africa

Leave a Reply

Check Also

10 Things You Didn’t About Super Footballer Pele

The legendary soccer player and Brazilian ambassador, Edson Arantes do Nascimento better k…