"Dollar No De Fear Cardoso Again": Shehu Sani Reacts as Naira Crashes to N1,140/$ in Parallel Market
- Senator Shehu Sani has reacted to the naira's depreciation to ₦1,140 per dollar in the parallel market on social media
- The naira had depreciated from ₦1,060 per dollar on Thursday, April 18, and also fell in the Nigerian Foreign Exchange Market (NAFEM) to ₦1,169.99 per dollar
- Sani's post sparked reactions from his followers, with some criticising the government's handling of the economy and calling for a permanent solution to the naira's struggles
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Senator Shehu Sani, a former federal lawmaker representing Kaduna Central, has reacted to the news of the naira crashing to ₦1,140 per dollar in the parallel market.
The Naira has depreciated to N1,140 per dollar in the parallel market, from N1,060 per dollar on Thursday, April 18, according to Vanguard.
Source: Facebook
Legit.ng gathers that the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,169.99 per dollar.
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Similarly, the indicative exchange rate for NAFEM rose to N1,169.99 per dollar from N1,154.98 per dollar on Thursday, indicating N15.01 depreciation for the naira.
The market recorded an intraday high of N1,236 per dollar and an intraday low of N1,021 per dollar resulting in a margin of N215.
The volume of dollars traded on the window declined by 53.2 percent to $86.86 million from N185.62 million on Thursday.
The margin between the parallel market and NAFEM rates narrowed to N29.99 per dollar from N94.08 per dollar on Thursday.
Dollar no de fear Cardoso again, Shehu Sani reacts
Reacting to the development on X, Senator Sani posted:
"Stubborn Dollar no de fear Cardoso again."
The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has recently received praise as Naira gained against the US dollar.
Meanwhile, the former senator's post has also sparked reactions from his followers on the social media platform.
Osasu Obayiuwana, @osasuo, asked:
"Dollar dey fear anybody, Shehu?"
Mariam Kazeem, @sweeyme, said:
"I never see you praise naira when it was appreciating. Suddenly you have something to say una go dey alright las las."
Simply_Eva, @eucharia_obara, said:
"That is what happens when you don’t have a permanent solution. You can pad the Naira for so long because your foreign reserves will obviously deplete. You need to move from consumption and borrowing to production and exports.
"This is just a temporary solution. Watch the way Dollar will gain against Naira when they stop all these their short term fix."
What Nigerians must do to make dollar fall - Omokri
Meanwhile, a former presidential media aide, Reno Omokri, has suggested how the naira can improve.
In a tweet on Monday, April 15, Omokri opined that the Nigerian currency could rise much higher if only citizens patronise local goods.
Omokri believes that the economy will improve if Nigerians change their attitude of opting for foreign goods instead of their local counterparts.
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Source: Legit.ng
