David Adeleke, better known as Davido, a prominent Nigerian musician, has declared on his verified Twitter account that the Nigerian Naira is rapidly depreciating, with the exchange rate approaching One Thousand Naira per US Dollar.
According to Davido, something drastic needs to be done immediately to turn this horrible scenario around. The Naira-to-Dollar exchange rate appears to be steadily rising. Davido complains in a tweet he sent on his verified Twitter handle on Tuesday:
"The dollar is on its way to one thousand dollars. "Serious action is required."
"Banks bemoaned paucity of currency on Monday and cautioned their clients of potential delays in obtaining it," Punch Newspaper reported in an accompanying piece.
Let's get this conversation started, my friends. What is the unspoken link between the Naira and the Dollar? This has gotten to the point where the cost of even common grocery goods rises as the value of the dollar rises. I've tried on several occasions to comprehend why the Nigerian government will not follow Russia's lead.
Why do we have to compare the strength and weakness of our local currency to the strength and weakness of a foreign currency to which we have no reliable access?
