- A man said the worsening exchange rate is getting out of control as the Naira continue to take a dip against the dollar and other foreign currencies
- The man, Chikadibia, shared a screenshot of his banking app showing when he wanted to send some Canadian Dollars to someone
- According to the screenshot, 1 CAD was initially exchanged for N980 but later jumped up to N978.10
A man shared his frustration over the exchange rate in Nigeria today as the Naira continue to fall against the dollar.
In a post he made on X, the man, Chikadibia, showed his banking app, which indicated that the Naira exchanged for N980 to 1 Canadian dollar, CAD.
Source: UGC
Later on, the same baking app showed that 1 Canadian dollar exchanges for N978.10.
Chikadibia, whose X address reads Canada said the exchange rate in Nigeria today was getting out of hand.
Naira falls against the US dollar
Less than 48 hours ago, it was reported that the Naira hit a record low to the dollar at the black market.
The Naira dropped to N1300 to the US Dollar at the parallel market on Tuesday, January 16, 2023.
After Chikadibia shared his frustration on X (formerly Twitter), many Nigerians took to the comment section to agree with him.
See his post below:
Reactions to worsening exchange rate
@justkene_ said:
“This country is deteriorating by the passing of each day. I keep wondering what can be done to effect some change.”
@SelonMe said:
“Prayers are up, people are tired, even those who voted in chaos are also complaining.”
@CollinxNnaemeka said:
“It’s so painful being a Nigerian right now.”
@miless077 commented:
“It’s frustrating our effort over here, one will hustle las las 100k is the new 10k.”
@caesar_mayor said:
“Is the US dollar stronger than the Canadian currency?”
@Sabasti37683449 commented:
“Seriously, we are going through a lot in this country called Naija.”
Expert lament depreciation in Naira value
In a related story, Legit.ng reported that the continued decline of the naira against major currencies in Nigeria is a cause for concern, as highlighted by experts.
Adetilewa Adebajo has predicted that forex scarcity may be sustained throughout the year, resulting in severe naira depreciation.
This depreciation not only impacts businesses reliant on foreign exchange but also raises broader economic uncertainties.
Source: Legit.ng
