In light of Nigeria’s growing dollar exchange rate, former senator Shehu Sani has used his verified Twitter account to compare the value of the naira to other African currencies....For More CONTINUE THE FULL READING▶▶
Eighth National Assembly member Sani, of Kaduna Central, listed the exchange rates of one dollar to the following currencies: South African rand, Ghana cedis, Zambian kwacha, Ethiopian birr, and Algerian dinar.
According to his tweet, one dollar is equivalent to 12.40 Ghana cedis, 18.90 SA rand, 27.8 Zambian kwacha, 57.01 Ethiopian birr, and 134.5 Algerian dinar.
The tweet implies that the naira is weaker than these other African currencies, as one dollar currently exchanges for about 900 naira in the parallel market.
Sani did not give any comment or opinion on the tweet, but it has generated a lot of reactions from his followers, who expressed their frustration and disappointment over the state of the Nigerian economy.
Some of them blamed the government for the poor management of the country’s resources, while others called for a restructuring of the political system to allow for more fiscal autonomy for the states as you can read some of the reactions below.
Some also suggested that Nigerians should adopt other currencies as a medium of exchange, such as the bitcoin or the eco, the proposed single currency for the Economic Community of West African States (ECOWAS). CONTINUE FULL READING>>>>>
