BREAKING: #Naira Is Now N1005 To A #Pound, Nigerians React—-The Nigerian currency, the naira, has crashed to a historic low against the British Pound, after crossing the symbolic N1000 mark at the parallel market.
The British Pound traded around N1005/£1 according to a tracker seen by Newsmen on Sunday, November 7, 2022. Meanwhile, the Euro sold for about N865-N870/$1.
The rapid depreciation of Nigeria’s local currency will likely cause 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. She said:
- “£1=1000 naira. An average worker in Nigeria earns between 100k-120k per month, which means the average salary in this country is £120. ONE HUNDRED AND TWENTY POUNDS is what somebody’s 9 months will take home after 30 days of swear and blood.”
- “And somehow somebody wants to continue with this Minimum wage is 33k which is £33. Blue collar workers earn a sum of £33 in a month, and their mates who do the same job make that £33 in two hours.”
- Dr Idara Umoette complained about the massive increase in the price of imported products. She said:
- “I thought this when the pound crossed the N1,000 mark. A skincare product that costs 80 pounds was 20-something thousand some years ago. Today? 80k pere.”
- “La Mer nko?? How much would the entire set of La Mer cost now? It’s very painful to see the naira in tears like this.”
God will seriously punish anybody that supports APC again, how the hell is £1000 – N,1,000,000.00. For the first time in my life, I’m uncertain about the future. Which way Nigeria 🇳🇬
— David O Aderinokun (@daderinokun) November 5, 2022
I thought this when the pound crossed the N1,000 mark.
A skincare product that costs 80 pounds was 20-something thousand some years ago. Today? 80k pere.
La Mer nko?? How much would the entire set of La Mer cost now?
It's very painful to see the naira in tears like this. https://t.co/eyos41Z9k9
— Dr Idara Umoette (@idarajune) November 6, 2022
In @MBuhari's Nigeria, 1000 naira = 1 pound. The most incompetent President, Worst CBN governor and most incompetent Finance Minister all serving at the same time and you expect Nigeria to grow. Lmfao pic.twitter.com/4sD30b3SWF
— Buwa Memeh (@buwamemeh) November 6, 2022
£1=1000 naira . An average worker in Nigeria earns between 100k-120k , which means average salary in this country is £120 . ONE HUNDRED AND TWENTY POUNDS is what somebody’s 9 months will take home after 30 days of swear and blood . And somehow somebody wants to continue with this
— billboardbaby (@OroGbinije) November 3, 2022
