Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years

posted in: News | 0

In December 1980, exactly 35 years ago, the naira was one dollar and eight cent, but today, a dollar is N260, the weakest it has ever been since its introduction 42 years ago. The naira, which was introduced by the Central Bank of Nigeria (CBN) on January 1,1973, fell to its lowest on Friday, trading at 260 to the greenback on the parallel market. The local currency continues to plunge as the CBN holds on to its stringent dollar sales policy at the parallel market. Earlier in 2015, the apex bank introduced the policy of selling over $80m to Bureau De Change (BDC) operators, to keep the unofficial rate close to that of the parallel market. The policy is however undergoing review, as the CBN circular reported by Reuters has set out new guidelines for the 2016 BDC transaction of dollars. The circular, which will come into effect in January, “orders retail money exchanges to deposit a mandatory cautionary deposit of N35 million in an account with the central bank, in addition to a minimum capital requirement of N35 million”. The decision, experts believe, would trim the number of BDC operators in the country. When the local currency was introduced in introduced in 1973, the nation started with notes for 50 kobo, 1, 5, 10 and N20. The 50 kobo notes were phased out in 1989, 1990, before N50 notes, better known as ‘Wazobia’, were issued 1991. Former president, Olusegun Obasanjo, holds the record as the president to have introduced the highest number of notes in Nigeria’s democracy, introducing N100 in 1999, N200 in 2000, N500 in 2001 and N1000 on October 12, 2005.

With this disastrous news, get ready for tomorrow’s story by Buhari and his goons on Goodluck Jonathan’s $980bn loot, all in a desperate attempt to deflect attention from our current economic woes and keep their gullible supporters distracted on frivolities and nonsensical white lies.

If we didn’t have a voting public so intellectually vapid, the focus would have been on asking our dear mallam to adequately elucidate on how he so miraculously “Cut down Nigeria’s Inflation from 20 percent to 0 percent” as his campaign team so falsely bellowed.
Did he do it with a cutlass?
A few minutes of investigation and fact-checking would have made it clear to anyone that the story was nothing but a blatant lie.
When you claim to be an honest man, but your campaign promises are filled to the brim with unintelligent lies and slogans, it’s time for some soul searching.

What’s even worse is the fact that this man fought tooth and nail for the presidency for 12 years. 12 SOLID YEARS!
He finally gets there and is as visionless and lost as ever, promising to hit the ground running but taking 6 months to build a cabinet; with his mouth in hyperdrive and his brain in suspended animation.

Previous Chapter
Next Chapter

Leave a Reply