“I Cannot Keep Foreign Currencies”: Joe Igbokwe Laments Current Naira to Dollar Exchange Rate

• Joe Igbokwe, the pioneer chairman of Wharf Landing Fees Collecting Authority (WLFCA), Apapa, Lagos, has lamented the depreciation of the Nigerian naira
• Legit.ng reports that the exchange rate of the United States (US) dollar vis-à-vis the naira is rising rapidly
• In a social media post, Igbokwe said the development is not helping the Nigerian economy and it "breaks my heart"

Legit.ng journalist Ridwan Adeola Yusuf has over 9-year-experience covering the Nigerian economy

Surulere, Lagos state - A chieftain of the ruling All Progressives Congress (APC) in Lagos state, Joe Igbokwe, has lamented the impact of the naira fall.

Igbokwe, a top campaigner of President Bola Ahmed Tinubu, bemoaned the unfavourable exchange rates.

"I cannot keep the dollar": Igbokwe

Anambra-born Igbokwe stated that presently, he cannot keep the dollar or any other foreign currency.

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He wrote on his known Facebook page on Tuesday, January 30:

“The exchange rate of naira and some foreign currencies especially the dollar breaks my heart. This is the reason why I cannot keep the dollar or any other foreign currency in my home or pocket. We prefer to spend dollars instead of naira.”

Legit.ng reports that traders in Nigeria observed that the local currency plummeted against the dollar at the black market — also referred to as the parallel market. The exchange rate for the dollar to the naira was $1 to N1,400 in the parallel market, on Tuesday, January 30.

What to read about naira and dollar:

• Naira to dollar new exchange rate shows gap at official and black market now N146
• “It is possible”: FG speaks on naira to dollar exchange rate, sets new target for 2024
• "We expect": UK firm sets new exchange rate for naira against dollar

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Naira falls to lowest against dollar

In a piece of related news, Legit.ng reported that the naira hit its lowest on Thursday, January 25, 2024, as the demand pressure in the unofficial market drove it to a record low of N1,410 per dollar.

This is against the closing value of N1,365 on Wednesday, January 24, and represents a 3.29% lower, or N45.00 loss.

The depreciation came despite efforts by the Tinubu-led government to boost the local currency.

Source: Legit.ng