Naira Plunges to N1600 to $1 Under Tinubu’s Watch

iexclusivenews – Nigeria’s currency, the naira, has plunged to a shocking N1,600 per dollar, marking a historic low and raising alarm bells about the state of the nation’s economy under President Bola Tinubu.

This alarming freefall comes despite desperate efforts by the Central Bank of Nigeria to stabilize the naira.

Tinubu’s Policies Blamed for Naira’s Downward Spiral

Experts point to President Tinubu’s economic policies as a major factor in the naira’s woes.

The decision to float the currency, scrap fuel subsidies, and consolidate multiple exchange windows into a single I&E window has been met with harsh criticism, with some reports suggesting these moves have contributed to a staggering 98% depreciation in the naira’s value.

Unprecedented Decline: Naira Loses 17% Since September Low

The naira’s relentless decline is a stark reminder of the challenges facing Nigeria’s economy.

Since September 2023, the currency has lost a staggering 17% of its value, reaching an all-time low of N1,000 against the dollar.

This persistent weakness raises concerns about inflation, diminished purchasing power, and the overall health of the Nigerian economy.

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Tinubu’s “Strategic Moves” Fuel Controversy

Despite the far-reaching consequences of his policies, President Tinubu has defended his actions, framing them as “strategic moves” aimed at reducing government spending and promoting a more market-driven economy.

However, these justifications have been met with skepticism and resistance, particularly regarding the controversial petrol subsidy removal.

Will Tinubu’s Economic Gamble Pay Off?

Only time will tell whether President Tinubu’s economic gamble will ultimately pay off.

While some argue his policimay attract foreign investors and stimulate long-term growth, the immediate pain inflicted on Nigerian citizens cannot be ignored.

The naira’s historic decline serves as a stark warning that decisive action is needed to address the nation’s economic woes and ensure a brighter future for all Nigerians.