After crossing the symbolic N1000 mark on the parallel market, the Nigerian currency, the naira, has crashed to a historic low against the British Pound. According to a tracker seen by Naijaonpoint on Sunday, November 7, 2022, the British Pound traded around N1005/£1. Meanwhile, the Euro was selling for around N865-N870/$1. The rapid depreciation of Nigeria’s local currency will almost certainly lead to inflation and mass migration of Nigerians to more stable economies.
Nigerian reactions: Many Nigerians have spoken out about the development.
Some of the reactions seen on social media are presented by entrepreneurng.
Twitter user, OroGbiniie, complained about how the decline of the Naira would affect the salary earned.
She said:
£1=1000 naira. An average worker in Nigeria earns between 100k-120k per month, which means the 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 Minimum wage is 33k which is £33. Blue collar workers earn a sum of £33 in a month, and their mates who do the same job make that £33 in two hours.
£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
Buwa Memeh expressed his displeasure with the government. He claimed that the naira crashing to N1000/£1 was due to the government’s incompetence.
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.
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. Lmfao pic.twitter.com/4sD30b3SWF
— Buwa Memeh (@buwamemeh) November 6, 2022
Dr Idara Umoette complained about the massive increase in imported products’ prices. 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.
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. https://t.co/eyos41Z9k9
— Dr Idara Umoette (@idarajune) November 6, 2022
David O Aderinokun said:
God will seriously punish anybody that supports APC again, how the hell is £1000 – N,1,000,000.00? I’m uncertain about the future for the first time in my life. Which way Nigeria.
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 🇳🇬
— David O Aderinokun (@daderinokun) November 5, 2022
