Tinubunomics: 1 dollar is now greater than 1000 Naira - Nigerians fume

On Tuesday, October 10, the naira fell as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$.

The naira continues to plunge after the Central Bank of Nigeria in June, allowed a free float of the national currency against the dollar and other global currencies.

Some Bureau de Change operators who spoke to the The Punch, said they bought the naira for N1,005/$ and sold for 1,025/$ on Tuesday. Adding that the currency is still scarce.

Assistant Provost, Association of Bureau De Change Operators, Zone 4, Wuse, Abuja, Muhammed Nera, noted that the rate closed at 1,015/$ on Tuesday.

He said, “As of the close of business, we were buying at N1,010/$ and selling at N1,015/$. But I can’t say what the rates would be tomorrow (today).”

This development has caused manufacturers to struggle to get raw materials and companies planning to sack more workers or shut down.

Several business owners are currently predicting the end of their businesses because the cost of production is increasing as a result of the falling value of naira.

Reacting to the recent dollar to Naira rate, some Nigerians have taken to social media to share their thoughts.

@OBAF4U: It is worse than just the exchange rate.
When foreign suppliers start declining your letters of credit, you are in big soup. Real ogbono draw soup. We need help.
Peter Obi warned about this, they called him a trader with fake statistics.

NEFERTITI LITE: 1 dollar is now greater than 1000 Naira
$1 = ₦1025
Tinubunomics

@lexkay111: Tinubu is working. Ndi renewed hope.

@agbo_ralph: E remain to buy one liter of fuel for 1k.

@neddon101: leadership is not for everybody

@freeman_brave: Nigerians get these warning sign from these people, who reduces the purchasing power of its people and slows down an economy that is already snailike movement.

@amariremilekun: I swear he has reduced my purchasing power. Wanted to buy carton of noodles yesterday and they said it’s 6k , I sighed and said ‘what am i doing with a carton of noodles. Then I went ahead and bought 5 noodles. Something I have not done in half a decade till this year. SMH.

@Tee_Rexx_33: By the time Tinubu is done with Nigeria. Venezuela currency go better pass our own

@iamkonnekt: Meaning if we suffer the people and impoverish them making them unable to buy food n goods then we make them pay huge task even after they don't have money to buy food n goods. We will have a kurukere economy.

BS