Naira has hit the 1000 symbolic mark. Since its inception, this is the lowest it has gone against the British currency. The British currency was traded for 1005/£, while Euro sold for #870/£.
This depreciation might affect inflation and will result in a lot of Nigerians moving to countries with better and stable economies.
Just recently naira hit 870/$ and is likely to hit #1000 before the end of the year. This is due to the high demand for naira from those overseas.
Reaction of Nigerians to Naira at 1000£1
Many Nigerian have however taken to their Instagram page to show their displeasure and anger toward the new rate. Some believed it would affect the rate of salary earned, as it will lose its value/relevance.
Others blamed the incompetency of the government, adding that it would definitely affect the price of imported goods.
A Twitter user, by the @Billboardbaby said,
£1 = 1000 naira. An average worker in Nigeria earns between 100k – 120k, which means average salary in this country is £120.
She added that “ONE HUNDRED AND TWENTY POUNDS is what somebody’s 9 months will take after 30 days of sweat and blood. And somebody wants to continue with this”.
See tweet below:
£1=1000 naira . An average worker in Nigeria earns between 100k-120k , which means average salary in this country is £120 . ONE HUNDRED AND TWENTY POUNDS is what somebody’s 9 months will take home after 30 days of swear and blood . And somehow somebody wants to continue with this
— billboardbaby (@OroGbinije) November 3, 2022
Another user said, “In @MBuhari’s Nigeria, 1000 naira = 1 pound. According to him, the president is the most incompetent.
He added that we have the worst CBN ”Governor, and the most incompetent is the Finance Minister all serving at same time and you want the country to grow Lmfao.
An angry twitter user issued a curse on whoever supports APC again in the upcoming election next year. According to him, it will ruin the country.
“God will seriously punish anybody that supports APC again, how the hell is £1000 – #1,000,000.00? For the first time in my life, I’m uncertain about the future. Which way Nigeria.”
Talking on product price, someone said,” I thought this when the pound cross the #1,000 mark. A skincare product that costs 80 pounds was 20-something thousand years ago, Today? 80k pere.
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