"1 Canadian Dollar is N980": Man Shares Frustration Over Worsening Exchange Rate in Nigeria

• A man said the worsening exchange rate is getting out of control as the naira continues to take a dip against the dollar and other foreign currencies
• The man, Chikadibia, shared a screenshot of his banking app showing when he wanted to send some Canadian Dollars to someone
• According to the screenshot, 1 CAD was initially exchanged for N978.10 but later jumped up to N980

A man shared his frustration over the exchange rate in Nigeria today as the naira continues to fall against the dollar.

According to him, things were getting out of control.

In a post on X, the man, Chikadibia, showed his banking app, which indicated that the naira exchanged for N978.10 to 1 Canadian dollar.

Later on, the same baking app showed that 1 Canadian dollar was exchanged for N980.

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Chikadibia, whose X address reads Canada, said the exchange rate in Nigeria was spiralling out of control.

Naira falls against the US Dollar

Less than 48 hours ago, it was reported that the naira hit a record low to the dollar at the black market.

The naira dropped to N1300 to the US Dollar at the parallel market on Tuesday, January 16, 2023.

After Chikadibia shared his frustration on X (formerly Twitter), many Nigerians took to the comment section to agree with him.

See his post below:

Reactions to worsening exchange rate

@justkene_ said:

"This country is deteriorating by the passing of each day. I keep wondering what can be done to effect some change."

@SelonMe said:

"Prayers are up, people are tired, even those who voted in chaos are also complaining."

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@CollinxNnaemeka said:

"It's so painful being a Nigerian right now."

@miless077 commented:

"It's frustrating our effort over here, one will hustle las las 100k is the new 10k."

@caesar_mayor said:

"Is the US dollar stronger than the Canadian currency?"

@Sabasti37683449 commented:

"Seriously, we are going through a lot in this country called Naija."

Expert laments depreciation in naira value

In a related story, Legit.ng reported that the continued decline of the naira against major currencies in Nigeria was a cause for concern, as highlighted by experts.

Adetilewa Adebajo predicted that forex scarcity may be sustained throughout the year, resulting in severe naira depreciation.

This depreciation not only impacts businesses reliant on foreign exchange but also raises broader economic uncertainties.

Source: Legit.ng