Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country as the purchasing power of the naira and disposable income of common Nigerians shrink in the face of the forex crisis and inflation.
The Nigerian naira has seen a dip in the last nine months since the President Bola Tinubu administration collapsed the foreign exchange window. Prices of commodities have skyrocketed to as high as double as the naira experienced an all-time low, falling from about N700/$1 last May to about N2,000/$1 last month, before its gradual appreciation in March.
CBN disclosed yester that it will sell Dollar to BDC Operators at N1,251/$1.
This implies that Naira to Dollar is between N1251 to N1300/$1.
Netizens reacts to this news. See reactions:
Dollar is now 1200 but one derica of rice is still 1500.
The sellers at the market can never be happy about this.
— Just Eniola 💜 (@EObaniyi) March 26, 2024
Dollar is now 1200 but one derica of rice is still 1500.
The sellers at the market can never be happy about this.
— Just Eniola 💜 (@EObaniyi) March 26, 2024
The dollar price has fallen, reduce the cost of your items, you Godless Businessman. Don’t be a purveyor of Satan.
— JayB (@jibreelKhalil) March 26, 2024
Dollar is now 1230, but the price of goods are not decreasing, if dollar should do mistake and enter 1600 tomorrow, all price of goods will increase with immediate effect😂😂😂
— Bossolamilekan (@bossolamilekan1) March 26, 2024
A lot of people who were so sure a dollar will go for as much as N3,000 or even N5,000 eventually fell into a ditch with their stashed away dollars.
A dollar is now less than N1,300. Continue to hold unto your $$$.
— KING KUKUTE (@Ade_Nurayn) March 26, 2024
Wait, does Dollar hike affects house rent too? because why are Landlords and agents renting apartments to people with outrageous amounts?
— Seanklean (@Seankleann) March 26, 2024
Naira keeps gaining strength against the dollar which is very good, what we really need is to demand and clamor for price reduction and regulation in goods and services as well.
— MrBanks💰 (@Mrbankstips) March 26, 2024
If dollar shoots to 5k today, within seconds sellers would immediately increase prices, but now that dollar is reducing they are saying change won’t take effect immediately. Aye yin ti baje!
— ada (@fairyadanna) March 26, 2024
Dollar is now 1,200, I hope traders can now start bringing down their inflated prices. But it’s Nigeria, prices don’t go down it only goes up.
— Khan 🧢 🌟 (@Khanstillday) March 26, 2024
They took dollar from N600 to N2000.
Brought it down to 1400 and Una dey celebrate 😂.Until it goes below where they met it, I can’t be impressed.
— Morris Baker (@MorrisBaker_) March 26, 2024
Naira could get to 10k per dollar, and then comes down to 5k the following week u guys will be Happy and start shouting Tinubu is working
— Wîñço (@Winco_3) March 26, 2024
Hookup babes price don too high. Imagine a hookup girl requesting 35k for st of 2 rounds. Wetin dollar affect for dem side? 😂😭 pic.twitter.com/vXu3CfMOox
— number1foryourarea🤩 (@ajibolaolaita2) March 26, 2024
Dollar dey 1270 rn brother, some thieves are still increasing prices in the name of “I bought it when dollar was 1700”, God sees all.
— Fola (@manlikefola_) March 26, 2024