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On Monday, April 22nd, the Nigerian naira fell to close at N1,234 to the dollar, compared to N1,169.99/$1 recorded on the previous trading day. This depreciation came after the local currency had earlier strengthened to around N1,072.74/$, leading experts to predict it would reach N1,000/$.
However, the recent decline in value has sparked reactions from Nigerians on social media, with many expressing concerns about the sustainability of the Central Bank of Nigeria’s policies. BDC operators reported that the dollar sold for N1,270 at the unofficial market, further highlighting the weakening of the naira.
This downward trend has raised worries among Nigerians, who now fear a return to the high exchange rate of N1,900/$ that was witnessed a few weeks ago.
Some social media users have linked the naira’s decline to the depletion of foreign reserves, while others believe that the government’s efforts to strengthen the currency are not sustainable.
They argue that boosting local production, increasing exports, providing soft loans, ensuring security, reducing fuel prices, and other measures are necessary for a lasting solution.
Despite the recent positive changes in the exchange rate, many Nigerians remain skeptical, stating that the improvements were artificial and not backed by solid economic factors. They emphasize the need for a comprehensive approach to address the underlying issues affecting the naira’s value.
@Karovoni said: “Is it mere coincidence that the Naira starts to tumble after the report of foreign reserves depletion?”
@Faseun4You noted: “The ways to strengthen the naira is to boost local production, increase exports, provide soft interest loans to farmers/industries in Nigeria, adequate security, reduction in fuel price and others… All these white elephant CPR for the naira is not sustainable.”
@KelechiUche10 stated: “We know that they can’t sustain the abracadabra. We’re still watching. Let’s see how they will continue to pump money to bring down FX without growth in the economy and in the midst of inflation.”
@NNkwuaku opined: “NAIRA is going back to 1900/$. The Cardoso and Tinubu’s magic has ended in disgrace. Our foreign reserve is on the red bar now.”
@benitokez noted: “I said it that the appreciation of the Naira won’t last because it is artificial. When you deplete your foreign reserves to shore up the naira, it can’t be sustained. What the FG is doing is just subsidizing the naira.”
@Generallifefor posited: “Shey Dey were jumping up dat it was drop make dem Dey play …. Nah now the journey just start”
@NoisyBoy_05 stated: “The recent positive changes where artificial and unsustainable nothing on ground to back it up. No export nothing…. It would have been nice if it was backed up by other factors.”
@agbochibuzor7 noted: “I exchanged for #1,275 yesterday night and I almost cried. I thought they said it was coming down.”
As the naira continues to fluctuate, Nigerians are closely monitoring the situation, waiting to see how the government will respond and whether sustainable measures will be implemented to stabilize the currency.
This article was updated 2 months ago
