….One million naira is now £1000
The Nigerian currency has crashed to a historic low against the British Pound Sterling after crossing the symbolic N1000 mark at the parallel market.
The British Pound traded around N1005/£1 according to a tracker seen by Nairametrics on Sunday, November 7, 2022. Meanwhile, the Euro sold for about N865-N870/$1.
The rapid depreciation of the naira will likely affect inflation and encourage massive immigration of Nigerians to more stable economies.
Reactions from Nigerians: Many Nigerians have had a lot to say about the development. Nairametrics presents some of the reactions seen on social media.
Twitter user, OroGbiniie, complained about how the decline of the naira would affect the salary earned. He said: The Nigerian currency has crashed to a historic low against the British Pound Sterling after crossing the symbolic N1000 mark at the parallel market.
The British Pound traded around N1005/£1 according to a tracker seen by Nairametrics on Sunday, November 7, 2022. Meanwhile, the Euro sold for about N865-N870/$1.
The rapid depreciation of the naira will likely affect inflation and encourage massive immigration of Nigerians to more stable economies.
Reactions from Nigerians: Many Nigerians have had a lot to say about the development. Nairametrics presents some of the reactions seen on social media.
Twitter user, OroGbiniie, complained about how the decline of the naira would affect the salary earned. He said:
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