Nigeria has witnessed a significant shift in its currency dynamics, with the Naira gaining strength against the US Dollar.
Bashir Ahmad, a former aide to President Muhammadu Buhari, lauded the efforts of the Central Bank of Nigeria (CBN) for implementing measures aimed at bolstering the Naira.
In a recent social media post, Ahmad expressed his satisfaction with the current exchange rate, stating, “I can authoritatively confirm that the US dollar is now being exchanged at a rate below N1000 at some BDCs. The measures being taken by the CBN to strengthen our Naira are definitely working. Naira will continue gaining!”
While we checked some BDC’s, we confirmed that the current rate is around N990/$ at most exchanges.
While Ahmad’s remarks were met with some optimism, social media users voiced concerns regarding the apparent disparity between the exchange rate and the prices of goods and services in local markets.
Some users, questioned the impact of the declining dollar rate on consumer prices, highlighting the disconnect between currency appreciation and its trickle-down effect on the economy.
@Isabgah: My concern is that I’m yet to see the prices of things dropping in the markets. Isn’t the dollar the problem from the beginning?
@Iorlaha_Dave: But it’s so unfortunate the prices of goods and services have not dropped the way they rose when the dollar was on a rise.
Despite the mixed reactions, some individuals commended the CBN’s efforts in stabilizing the currency.
@raji_abduljelil: am so happy with Cardoso, he is doing a great work
@nigerianpollz: We applaud the measures but I hope it’s not something that will bite us later