Dollar against naira: Reno Omokri has taken to his Twitter page to advise Nigerians to learn to save in currencies other than Naira. This is due to the depreciating effect of the Naira. In his words, he said,
”If you had ₦1 million in your savings account in January, it was worth $2250. Even if you got the highest interest rate Nigerian banks give you, your money would be worth ₦1.1 million today, equivalent to less than $2k. Stop saving in Naira. You are losing money”.
Check this side hustle to start making money online in 2022 here
DOLLAR AGAINST NAIRA
The naira against the dollar rate has progressively nose dive, as the naira continues to lose value. Meanwhile, the dollar continues to appreciate in value against the naira.
The current market rate as at the time this post is being written is NGN411.95/$. While it is about NGN570/$. Despite the different strategies by the Government for the past year to cope with this decline. Naira seems not to show any sign of improvement.
Naira is the native currency of the Federal Republic of Nigeria. The Central Bank of Nigeria (CBN) is the sole backer of lawful delicate cash all through the Federal Republic of Nigeria. It controls the volume of cash provided in the economy to guarantee money related and value solidness. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of banknotes and coins.
Reno Omokri is a Nigerian lawyer, bestselling author and human rights activist. He is also the star of a travel documentary series, Reno Around the World, broadcast in The United Kingdom and Nigeria.
If you had ₦1 million in your savings account in January, it was worth $2250. Even if you got the highest interest rate Nigerian banks give you, your money would be worth ₦1.1 million today, equivalent to less than $2k. Stop saving in Naira. You are losing money#RenosNuggets— Reno Omokri (@renoomokri) December 31, 2021
Our total debt is currently ₦38.5 trillion. Our debt service to GDP ratio is 98%. Yet Buhari wants to borrow ₦12 trillion more. Naira cant sustain its current value. It’ll have to be MASSIVELY devalued. Save yourself by saving in dollars, or be ruined by Buhari!#RenosNuggets— Reno Omokri (@renoomokri) January 1, 2022