The Naira continues to lose ground to the Dollar and this brilliant tweet sums it up.
The local currency’s value fell to N500/$ yesterday, defying the anticipated support of the resurging foreign exchange (forex) reserves’ volume, now at $27.9 billion reported The Guardian.
Our beloved currency is now N500 to $1 after bouncing in the N400 zone for a while. Nigeria is not Venezuela yet but with the way we are going who knows.
To understand how bad things are right now Twitter user @FailedRift summoned the spirit of one of the founding fathers of Nigeria Nnamdi Azikwe.
In his tweet that @FailedRift placed the $1 note and N500 note side. His accompanying tweet was both hilarious and an eye opener.
Back in the day, our parents used to regale us with tales of how the Naira was a strong currency. In the post-colonial era, it was N1 to £1 and 50 Kobo to $1. The fact that even beggars won't even collect the Kobo shows the bad shape of our currency. When was the last time you saw the Kobo?
In May 2016, the Federal Government devalued the Naira after much pressure to do so. The President agreed to demands by the International Monetary Fund (IMF) that he significantly devalue the Nigerian currency.
The Naira was pegged at N290 to one dollar, with the current official rate being about N200 to a dollar. The devaluation hasn't helped much to strengthen the Naira.