The Nigerian currency has crashed to a historic low against the British Pound Sterling after crossing the symbolic N1000 mark at the parallel market.
The British Pound traded around N1005/£1 according to a tracker seen by Nairametrics on Sunday, November 7, 2022. Meanwhile, the Euro sold for about N865-N870/$1.
The rapid depreciation of the naira will likely affect inflation and encourage massive immigration of Nigerians to more stable economies.
Reactions from Nigerians: Many Nigerians have had a lot to say about the development. Nairametrics presents some of the reactions seen on social media.
Twitter user, OroGbiniie, complained about how the decline of the naira would affect the salary earned. He said:
Buwa Memeh expressed his displeasure with the government. He claimed that the naira crashing to N1000/£1 was due to the incompetence of the government. He said:
- “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 complained about the massive increase in the price of imported products. 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.”
