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How bad is the value of Naira? Read an answer by Nollywood actor Tony Umez

How bad is the value of Naira? Read an answer by Nollywood actor Tony Umez

Law Blessing by Law Blessing
November 23, 2020
in News
Reading Time: 2 mins read
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It is no longer news that the value of Nigeria’s currency Naira is depreciating with time and it is affecting the economy.

But how bad is the value of Naira? I never thought about that question until I came across an analysis by veteran Nollywood actor Tony Umez.

The 56-year-old actor recently took to Twitter to explain how insignificant the value of Naira is when compared to the dollar. He wrote:

“Do you know if you save 1 Naira everyday for a whole Year, you wouldn’t still have saved a Dollar?#Recession2”

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Do you know if you save 1 Naira everyday for a whole Year, you wouldn’t still have saved a Dollar?#Recession2

— Tony Umez (@toneroangel) November 22, 2020

 

That is actually true! Naira is currently rated at N380.50 per dollar, there are 365 days in a year, which is equivalent to 365 naira and it’s not up to a dollar.

Read more: Edo Security men recovers riffles hidden by a suspect in Benin (Video)

But what is currency depreciation and why is it affecting the Naira this much?

According to Investopedia, currency depreciation is a fall in the value of a currency in a floating exchange rate system. Currency depreciation can occur due to factors such as economic fundamentals, interest rate differentials, political instability, or risk aversion among investors.

Most people have attributed the fall in value of Naira to the political instability of Nigeria.

Tags: depreciationDollarNairaNollywoodTony Umez
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Law Blessing

Law Blessing

Law Blessing is a skilled writer with loads of experience in the field. Although a freelance Author, he's passionately involved in articles related to sports and entertainment.

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