The poster of Buhari/Osinbajo has re-surfaced on the internet in which the poster asked Nigeria to act now. On the poster the following questions were asked ‘Is N216 to $1 Okay? It’s time to speak out!’ See the picture below:
However, presently the dollar/naira exchange rate is at 503/$ which has affected the prices of commodities in Nigeria, coupled with other factors like drought in some parts of Nigeria, closure of border and others.
A bag of rice that was sold at 11k before the closure of border and increase in exchange rate is now been sold at 24k, a 100% increase in the price of food commodities in Nigeria.
The rise in the dollar/naira exchange rate has affected the prices of equipment imported in the country. Equipment used in Nigeria are not produced locally, they are majorly imported from countries that the importer Will need Forex exchange.
Government at all levels should look for a way to make Nigeria an industrialized nation where all the equipment it used will be produced locally.
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