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Recession Founding father Nnamdi Azikwe shows us how bad the Naira has fallen

The Naira continues to lose ground to the Dollar and this brilliant tweet sums it up.

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A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria, February 12, 2015. REUTERS/Joe Penney play A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria, February 12, 2015. REUTERS/Joe Penney

Yesterday, Monday, January 30, 2017, the Naira hit an all-time low.

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.

Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde/Illustration/File Photo play Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde/Illustration/File Photo

 

 

To understand how bad things are right now Twitter user @FailedRift summoned the spirit of one of the founding fathers of Nigeria Nnamdi Azikwe.

Nnamdi Azikwe play

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?

Bundles on Naira notes play

Bundles on Naira notes

(Channels Television)

 

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.

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