The Nigerian currency just dropped to its weakest value since it was first introduced 42 years ago. On Friday, in the parallel market, a United States dollar was exchanged for N260.
The naira continues its nosedive despite stringent measures put in place by the Central Bank of Nigeria (CBN) to halt its slide.
Some months ago, the CBN introduced the policy of selling over $80m to Bureau De Change (BDC) operators, to keep the official rate close to that of the parallel market. The official rate, mostly used for government transactions is pegged at N199 for a dollar.
In December 1980, exactly 35 years ago, the naira was one dollar and eight cent.
Meanwhile, Nigerians have taken to their social media pages to express their disappointment. See some tweets below:
At 260 naira to one dollar the naira is now at the lowest and weakest that it has been in 42 years. I guess that is “change” for u.
— Olufemi Olu-Kayode (@realFFK) December 12, 2015
Today the Naira hit an all time low this plus lack of FX in the system indicates that by 2016, many industries shall grind to a halt.
— Mr. Aye Dee (@MrAyeDee) December 11, 2015
The Dollar to Naira exchange rate keeps looking like numbers people who write jamb want to have.
— mr. chairman (@ebuka_akara) December 12, 2015
Nigerians will no longer be distracted by the APC antics , A dollar is now N260 and people are losing their jobs daily under this change
— OchinanWata 1 (@mr_ochonogor) December 12, 2015
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