“It Is Not Falling”: Nigerians React As Naira Exchanges at N1,500/$, Pounds, Euro Set New Rate
- Nigerians have taken to social media to react to the free fall of the Naira against the dollar, pound, and euro
- The latest data showed that the Naira against the US dollar was at its lowest level in both the official and unofficial markets
- Analysts have stated that the demand pressure in the market was due to low dollar supply
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Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
The Nigerian currency, the Naira, continued its massive depreciation against the US dollar and other foreign currencies in the early hours of Wednesday, January 31, 2024.
Source: Facebook
Legit.ng gathered that foreign exchange (FX) traders on the streets of Lagos sold the dollar at N1,510.
This was higher than the N1,490/$1 black market rate it closed on Tuesday, January 29, 2023.
Naira Rate also reported that 1 British Pound sterling now sells for N1,884.665, 1 Euro is at N1,607.136, while 1 Canadian dollar sells for N1,070.197.
In the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the local currency depreciated against its American counterpart yesterday by 9.9% or N133.95 to settle at N1,482.57/$1 compared to the preceding day's N1,346/$1.
How Nigerians are reacting on social media
Reacting to the naira-to-dollar exchange rate, Kalu Aja, a financial analyst on his page @FinPlanKaluAja1, said:
"The Naira is not falling. It's going to its market-driven value, $1 to N500, with falling oil exports. Was living a fake life.
But, the job of any government is to provide a safety net to those without one. How does a civil servant with a government-issued AK47 survive with his family of 4 on less than N100,000 a month? N100,000 is $71."
@ruffydfire said:
“Dollar to Naira na wa ooo"
@PastorMarvy
"When Nigeria's government was defending the Naira against the dollar, Nigerians became overnight economic experts and claimed that the Naira should be floated. Now, it is being floated, and the same people say that is not what they want.
"To govern Nigeria, you need political will and a strong conviction in your policy because even the people don’t know what they want."
@SisiCherie:
"I command the dollar to fall against the naira!"
FG addresses Naira to dollar exchange rate
Legit.ng earlier reported that Ben Akabueze, the director-general of the federation's budget office, said the Naira would strengthen in value in the foreign exchange market in 2024.
Speaking in an interview with Channels TV on Tuesday, December 26, 2023, Akabueze said this would be possible as the country expects an increase in dollar supply.
He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.
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Source: Legit.ng
