Naira exchange rate woes
Naira exchange rate woes

The Nigerian currency, the Naira continues to experience turbulence in the foreign exchange market with Naira trading on Wednesday 18th of February 2016 for as low as 505 Naira to 1GBP and 380 Naira to 1USD. A very detailed reaction and report about this was reported on foreign exchange website Abokifx, excerpt from how the new was reported on Abokifx follows:

Nigerians have reacted to the continuous fall in the country’s currency as against the dollar and other (major) foreign currencies.

The naira, on Wednesday, recorded its worst value against some foreign currencies in the parallel market as the local currency exchanged at N380 a dollar, N505 a pound sterling and N395 a euro in Abuja while in Lagos, Naira traded at N375 a dollar, N504 a pound sterling and N396 to a euro.

This development has elicited reactions from concerned Nigerians who bear the brunt of the declining value of the Naira.

Reacting, some Nigerians who spoke to The Whistler expressed frustration over the free fall of the naira.

A concerned Nigerian, Ayodeji Agidigbi, said it is worrisome that the naira keeps depreciating, adding that the inflation has affected all spheres of the economy.

According to him, “It is sad the rate at which the naira keeps depreciating, and I must confess Nigerians are not finding it funny.

By Haba Naija Admin

Temi Odurinde worked in domain name registration and web hosting industry for many years before becoming a web entrepreneur. He is passionate about web and mobile technologies. Temi contribute mainly to Haba Naija Internet and Technology sections. He has a BSc in Computing and Psychology, a postgraduate degree in Internet Technologies. Outside work, he love Oral Storytelling, long distance running and playing Volleyball.