A Tumbling Naira Nigerians Cannot Bear
May 31, 2020
4:02 am
In 1980, a foreigner visiting Nigeria could only get β¦50, 500 in exchange for US$100,000. Forty years later, one would almost require the service of a bullion van to convey the naira equivalent of the same quantity of dollars. Naira, the currency of the biggest economy in Africa, has lost approximately a whopping 84,000 percent of its value against the dollar in the past four decades.
Today, the United States dollar is worth close to 500 times the value of the naira, which has continued to tumble. The Central Bank of Nigeria (CBN) has frittered billions of dollars from the …
