The value of the Nigerian Naira has crashed further to N550 against one dollar in the unofficial market.
This comes barely five days after the currency exchanged for N543 against the dollar, at the parallel market.
Taking to his Facebook page, human rights’ activist, Omoyele Sowore, highlighted the continual dwindling of the value of the naira while the minimum wage remained the same and unpaid by several states.
Sowore further condemned state governors who are yet to comply with the payment of the N30,000 minimum wage to workers.
He said, “The Naira is now N550 to $1. Meanwhile, minimum wage is still N30,000, largely unpaid by thieving state governors! #OccupyBuhariNYC #BuhariMustGo #RevolutionNow.”
Recall that President Muhammadu Buhari signed the N30,000 new National Minimum Wage Act into law, effective April 18, 2019, thus repealing the Minimum Wage Act of 2011.
Years after, several states had yet to begin implementation while some states are implementing partially amid the economic hardship in the country.
The Central Bank of Nigeria some months ago barred the sale of forex to all bureau de change operators across the country.
On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
The CBN said it would also no longer process applications for BDC licences in the country.
Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said.
Several investment finances and economic research firms had warned that the naira faces the risk of precipitous fall and depreciation in the months to come except the apex bank takes urgent and coordinated measures to address pressure points and engender an enduring clarity in forex management.
Finance and economy experts had agreed that the naira faces a tough future and the Central Bank of Nigeria might be walking itself into a repeat of the 2016 scenario when similar uncoordinated decision led to more than 40 per cent depreciation in the national currency.
The Committee of Banks Chief Executive Officer headed by the CEO of Access Bank, Herbert Wigwe, had stated that the exchange rate would drop.
Similarly, on August 9, 2021, the Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said the naira would rise in the parallel market towards 490-495 against the dollar in August/September.