Nigerians are in a state of panic as the nation’s currency continues to depreciate at an alarming rate. On Sunday, the exchange rate for one British Pound (GBP) crossed the ₦2,000 mark, while the US Dollar (USD) surged to ₦1,600>>>CONTINUE FULL READING HERE....CONTINUE READING THE ARTICLE FROM THE SOURCE
The Euro (EUR) and Canadian Dollar (CAD) also saw significant increases, trading at ₦1,715.940 and ₦1,135.228, respectively.
Current Exchange Rates:
1 USD ⇛ ₦1,575.746
1 GBP ⇛ ₦2,010.114
1 EUR ⇛ ₦1,715.940
1 CAD ⇛ ₦1,135.228
Since the inauguration of President Bola Tinubu, the naira has been in a steady decline against major foreign currencies. This depreciation has worsened the economic situation in Nigeria, leading to increased living costs and widespread hunger.
Adebayo, a small business owner in Lagos, voiced his frustration: “At this rate, we won’t be able to afford even the basics. Everything is getting more expensive by the day.”
Chinonso, a teacher in Abuja, shared similar sentiments: “It’s becoming impossible to save or plan for the future. The cost of living is unbearable, and our salaries can’t keep up.”
The continuous decline of the naira has sparked fears among Nigerians about the country’s economic stability. Many are worried that if the trend persists, the financial strain on households will become unmanageable. The rising exchange rates have also led to increased prices for imported goods, further exacerbating the cost of living crisis.
Economic experts attribute the naira’s decline to a combination of factors, including reduced foreign exchange reserves, inflation, and a high demand for foreign currencies. The government’s efforts to stabilize the currency have so far yielded limited results, leaving many Nigerians anxious about the future.>>>CONTINUE FULL READING HERE
