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In 1981, N1milion was $1.5m, Check Out How Naira Has Continually Declined 40 Years After

The rate at which the Nigeria currency is speedily crashing to Dollar has become worrisome not only to the economist but every soul in Nigeria.

For a country that produces almost nothing and import virtually everything, there is every need to be worried at which the exchange rate is going. As at today, every aspect of the economy is measured by dollar rate and that has really impacted the nation in a negative way.

Despite the campaign promise of president Muhammadu Buhari during his electioneering tour across the country 2014 that he would make one dollar equal to a naira, the reverse has been the case since then.

Instead of naira competing with the dollar, it has been trailing far behind. As a matter of fact, Nigeria currency has remained one of the weakest currencies in Africa comparing to dollar rate. 

This is in addition to the endemic corruption that has pervaded the country. This has in a large measure bastardized the economy and many Nigerians are forced to live below a dollar per day.

Lamenting on the current situation on social media was the publisher of Ovation Magazine and Chairman, Ovation TV, Dele Momodu.

While writing on his verified Twitter handle, the Publisher who simply wrote "it is well" uploaded the statistical analysis of Statisens to draw his point about what has happened to the Nigeria currency between 1981 till date. 

The statistic gave a comprehensive comparison between the state of naira in the year in question to a dollar and how it has declined consistently in the last forty years.

Below is the screenshot of the comparison.

From the present state of things, there is no indication that things will get better in a short time from now because Nigeria still remains a consuming nation despite the obvious reality staring at us.

Kindly share your opinion on the current state of the exchange rate.

Content created and supplied by: Newsgateway (via Opera News )

Muhammadu Buhari Naira Nigeria


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