Nigerians have continued to express their views on social media as the naira fell to an all-time low of N950 to a single dollar at the parallel market on Thursday, August 10 2023.
The figure represents N53 or 5.9 percent depreciation compared to the N897 it traded earlier this week.
Bureaux De Change (BDC) operators in Lagos said that there is high demand for foreign currency in the street market.
The street traders, popularly known as ‘abokis’ put the buying price of the dollar at N935 and the selling price at N950, leaving a profit margin of N15.
Meanwhile, currency traders in the Agbara area of Ogun state said they are currently buying the local currency at N920/$ and selling it for N940 per dollar...
The report has continued to generate reactions online.
Read some of the reactions:
Might hit 1k by end of tomorrow ? We are finished!!!! Giant of Africa turn Zimbabwe 💀@ayinnu
This @officialABAT will only hasten #RevolutionNow in Nigeria in how many months. The whole economy is crumbling.@Royalk_01
Nigerians, please focus on online jobs that ay in dollars, content creation, tech, and other kinds of freelancing as a side hustle.
The Naira is falling and may not recover untill we have a government that knows what it's doing.
For now, be wise!!! @AdebayoGlover
EmoticonEmoticon