A Nigerian businessman has expressed concern over the significant depreciation of the Naira. In a video shared online, the businessman highlighted that artisans from Cotonou, Benin Republic, are now refusing to accept Naira because the CFA Franc, the currency of Benin Republic, holds more value compared to the Naira.
In the video, the man stated:
"Can you imagine that workers from Cotonou are no longer accepting Naira because one CFA is now equivalent to N3,000 Naira? Can you imagine that 10,000 CFA is now N25,000? So, they are no longer accepting Naira.
"As it stands now, clearing a container in Nigeria costs N18 million per container, and due to the depreciation of the Naira, the price of every commodity increases every 30 minutes.
"I went to the market yesterday to restock. A carton of tomatoes was N20,000. In the next thirty minutes when I returned to purchase the tomatoes, it was N24,000, and the sellers were saying if you can't pay, leave it.
"The worrying part is that at this rate, both the rich and the poor are affected. People are still selling off their old stock. Soon, they will exhaust their old stock and start selling the new stock they bought at these current high prices. The poor can no longer afford to feed. It will become survival of the fittest. Nobody is safe."
The businessman's remarks highlight the economic challenges faced by Nigerians due to the devaluation of the Naira.
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