There appears to be no respite in sight for the Naira as the currency continues it’s current nose dive against the dollar and other major foreign currencies in the black market (parallel market), dropping from around N740 to N870 against the greenback in less than two months, IgbereTV reports.
The Naira has been on a free fall since the central Bank of Nigeria announced official floating of the currency allowing the market to determine the exchange rates based on demand and supply.
See today’s Dollar Naira (USDNGN) exchange rate and other major foreign currencies in the black (parallel market) also known as Aboki FX.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 868
Buying Rate 852
Euro to Naira (EUR to NGN) Exchange Rate Today
Buying Rate 954
Selling Rate 943
Pounds to Naira (GBP to NGN) Exchange Rate Today
Buying Rate 1162
Selling Rate 1145
The volatility in the foreign exchange market coupled with the hike in the pump price of premium motor Spirit PMS also known as petrol as a result of subsidy removal by President Bola Tinubu is affecting the prices of food items in the market nationwide, with a mudu of corn jumping from N600 to N800 in just three weeks.
A market survey by Peoples Gazette on Thursday showed that in about three weeks, a mudu of corn is sold at N800, representing over a 33.3 per cent increment from N600.
The skyrocketing price of corn, one of the most popular grains consumed by Nigerians and used for animal feed, signals hunger as citizens grapple with hardship occasioned by the removal of fuel subsidy.
Mr Tinubu, at his 69th birthday colloquium in 2021, counselled the federal government on recruiting 50 million youths into the military and recommended that they be fed with “agbado” (the Yoruba word for corn).
“We are under-policed and we are competing with armed robbers and bandits to recruit from the youths who are unemployed. Thirty-three per cent unemployed?” Mr Tinubu said. “Recruit 50 million youths into the army! What they will eat — cassava, agbado (corn), yam — we’ll grow here.”
Subsequently, “agbado” became a symbol of Mr Tinubu’s campaign, with many of his supporters being addressed as “agbado” footsoldiers. But in a few weeks into his government, corn gradually became unaffordable for many.
The president, in his inaugural speech, announced the immediate end to fuel subsidy, triggering pump prices from N145 to N545. On Tuesday, the pump price hit N617, a development that further raised food items and transportation costs.
To cushion the ripple effect of the increased pump price, Mr Tinubu announced a $10, equivalent of N53 daily, palliative for 12 million households. The government, however, reversed the idea, which was trailed by criticisms.
In June, the World Bank reported that about 64 million Nigerians were at risk of a food crisis by August.
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