Why dollar may exchange for N1,000 – Rep

A member of the House of Representatives, Beni Lar, representing Langtang North/Lantang South Federal Constituency of Plateau State in a motion on the floor of the House on Wednesday, said N1000 might exchange to a dollar if nothing was done to stabilise the exchange rate.

Lar said this while moving a motion on the floor of the House, titled, “Need to stabilise Nigeria’s foreign exchange rate”, but the House rejected his motion was rejected.

Lar noted that, “In July 1980, the exchange rate was $1 to 0.80Kobo, in July 2022, the rate was $1 to 670 naira, while in July 2023, the exchange rate is now $1 to 815 naira, shortly after the new administration had promised during the campaigns and upon inauguration to stabilise Nigeria’s exchange rate at N200 to $1.

“In the 1980s, most of the food and products consumed were grown or produced in Nigeria. Today, the Nigerian economy is mainly dependent on importation and there lies the source of the terrible exchange rate we are now experiencing.

“The importation of vehicles and other commodities has dropped, since the floating of the naira by the single exchange rate.

“The impact of the unified exchange rates has made Nigerian students abroad suffer tuition fees increase by over 60 per cent, making the money in their bank accounts insufficient to pay school fees due to devaluation of the naira.”

She also added that, “The naira has been on a rapid decline against the US dollar, euro and pounds sterling, thus leading to hike in the prices of goods and services. This has worsened the inflationary situation and the cost of doing business in Nigeria.