"This Is Nonsense": Wigs Blamed for Naira Devaluation, Netizens Fume

• A report noted that wigs were one of the causes of naira devaluation, and it showed the hundreds of millions spent in 2022 and 2023
• Despite the economic downturn, it has not stopped the high demand for this fashion item worn mainly by women
• Other items, including phones and valuables, were also listed as part of the reasons the naira was falling

Wigs have been reported to be one of the major reasons the naira is experiencing a devaluation. This is due to the regular importation of the fashion item.

On the Arise TV Morning Show, the presenter Aruoture “Rotus” Odiri said according to Allied Market Research, the 2022 glue-less wigs market value and projection was $712m (N639bn), while in 2023, it was $1.3bn (N1.2trn). Despite the devaluation of the currency, the demand for wigs is still extremely high.

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He also labelled phones and other items as part of the reasons the naira was falling.

See a video of the report below:

Netizens react to the report

Several people have reacted to the report that the high demand for imported wigs was responsible for the devaluation of the naira. Many people bashed the presenter for his statement. They also accused him of shielding the government. Check out some comments below:

@iamchrisani

"Rotus on God, this is nonsense you wrote. Someone needs to slap you I swear. You forgot debt servicing by govt that takes 50%.. Jesus what level of madness is this?"

@Karovoni:

"They blamed seedless grapes in the past, now it’s human hair."

@DiceOfTruth:

"That was the worst 3 minutes analysis I have seen in quite a while. What are you on about? The country is importing petrol and crude oil, but wigs are the problem. The amount of forex demand for foreign tuition, since our schools have fallen off is major. Oh, you have a Naira float."

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@Ayoksy:

"Government apologist. Such a poor economist. Have you analysed the biggest drainers of FX in Nigeria? Are wigs even top 40? I would like to know who puts this guy on a massive platform to analyse economic issues."

@Inno4Chi

"Wale Edun himself has a bureau de change company. If you're an intelligent, smart journalist you should know this and know Wale will never mean well for Nigeria as FX is concerned. Leave our ladies alone. Stop blaming our poor FX on demand for wigs and allied products by our ladies."

Lady pays N335k for wig

Legit.ng earlier reported that a Nigerian lady on X had lamented about the poor quality of the wig she got after she paid N335k for it.

She posted a video showing what she ordered, which was in good taste and the one the vendor delivered, which had a shabby look.

Several of her followers on the social media platform shared their opinions, with many people questioning the quality of the second wig.

Source: Legit.ng