Naira Crashes Massively To All Time Low Under President Tinubu

Nigeria’s currency, the Naira, has been experiencing a significant decline in value against the US dollar, reaching an all-time low under President Tinubu’s administration. Here are some key points to consider:

Reasons for the Naira’s decline:
  • President Tinubu’s administration has been blamed for the Naira’s decline in value. However, it is important to note that the issue is not entirely his fault. The previous administration under President Buhari increased M2 at an alarming rate, which contributed to the devaluation of the Naira
  • The Central Bank of Nigeria’s (CBN) decision to float the Naira in an attempt to unify the exchange rate system has also been a contributing factor to the Naira’s decline
  • The scrapping of fuel subsidies by President Tinubu’s administration has also affected the Naira’s value

Impact of the Naira’s decline:

  • The decline in the Naira’s value has led to an increase in the cost of living for Nigerians, as prices of goods and services have gone up
  • The decline in the Naira’s value has also affected foreign investors’ confidence in Nigeria’s economy

What can be done:

  • The CBN can take measures to stabilize the Naira’s value, such as increasing interest rates and reducing the money supply
  • The government can also implement policies to diversify the economy and reduce Nigeria’s dependence on oil exports, which would help to stabilize the Naira’s value in the long term

On October 19, 2023, Stechiteist Media gathered that the exchange rate between the Nigerian naira and the US dollar reached an unprecedented low of N999/$1 on NAFEM, while unofficial P2P trading reflected a rate of N1,152/$1, marking a concerning decline in the currency’s value.

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In conclusion, the decline in the Naira’s value under President Tinubu’s administration is a cause for concern for Nigerians. However, it is important to note that the issue is not entirely his fault, and there are measures that can be taken to stabilize the Naira’s value.

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