Nigerians respond when the naira drops to an all-time low of N1005/£
After breaching the crucial N1000 threshold at the parallel market, the Nigerian naira's valueversus the British pound plunged to a record low.
On Sunday, November 7, 2022, Nairametrics saw a tracker showing that the British Pound traded at approximately N1005 to £1. In the meantime, the Euro traded at around N865-N870 to $1.
Rapid local currency depreciation in Nigeria will probably lead to inflation and induce large-scale migration of Nigerians to more stable countries.
Nigerian reactions: A lot of Nigerians have expressed their opinions on the development. Some of the responses noticed on social media are presented by Nairametrics.
OroGbiniie, a Twitter user, expressed concern about how the weakening of the naira might effect the wages received. She uttered:
£1=1000 naira. Nigerian workers make between 100k and 120k per month on average, which equates to an annual wage of £120. After 30 days of swearing and bleeding, someone's 9 months will be sent home with ONE HUNDRED AND TWENTY POUNDS.
And for some reason, someone wants to keep paying the minimum wage of 33k, or £33. Blue collar workers make £33 per month, whereas their coworkers who perform the same job might make that amount in just two hours.