The woes of The Naira Continued today August 9, 2023 in the black market (parallel market) dropping as low as N925 against the United States dollar in Lagos, Abuja, Kano and other major cities before recovering marginally to N920
UPDATE: Dollar is now at N950 on Thursday August 10.
Below are the current rates the Naira is exchanging against the three major currencies in the market.
Dollars to Naira (USD to NGN) Exchange Rate Today
Buying Rate 920
Selling Rate 910
Euro to Naira (EUR to NGN) Exchange Rate Today
Buying Rate 985
Selling Rate 975
Pounds to Naira (GBP to NGN) Exchange Rate Today
Buying Rate 1175
Selling Rate 1165
Meanwhile, Something terrible and scary is happening to Nigeria but many aren’t even aware. Since Tinubu emerged as president, virtually every sector of our economy is fast collapsing. Thousands of SME’s are closing down everyday across Nigeria while big corporations are selling off their assets in Nigeria and moving elsewhere! Millions of people have joined the unemployment market and others will soon join too if nothing drastic is done to save our economy. Already, the latest data on global employment reported that Nigeria currently has the world’s highest unemployment rate. Yet it keeps getting worse!
Below are some of the sectors and companies that have already left or about to do so in the last few months alone:
“As a result, millions are losing their jobs and our poverty index is worsening, even though we’re already being perceived as the world’s poverty capital. The multinationals that are leaving our country have not only created jobs but have created immeasurable training that contributed immensely to our human capital development over the years.
“Now they are leaving our shores one after the other. GSK which has a manufacturing facility in Agbara, Ogun State on over 25 hectares of land had directly employed over 400 highly technical workers like pharmacists, microbiologists, biochemists, chemists, dentists, doctors etc, and also employed over 1000 other staff.
Unfortunately, some Nigerians are still playing politics of tribalism and religious sentiments while the president is more concerned about a coup in Niger republic.
What happens when everything collapses?
Who will save Nigeria or is this end?!
By a concerned Nigerian