Naira crunch bites harder as Paul Okoye buys N40k with N70k

Nigerian singer, Paul Okoye, popularly known as Rudeboy, has shared his recent experience with the current naira scarcity in the country.

In a post on his Instagram story, the singer revealed that he was forced to buy 40 thousand naira with 70 thousand naira in order to pay for a visa fee in cash at an embassy.

The post read, “Omoh !!! I buy money today!! Just because I have to pay for a certain visa fee in an embassy, and it has to be paid in cash. Joke apart I Bought 40k with 70k Aahhhh!!!!!!!! Naija breaking new records”.

This revelation highlights the adverse effects of the current naira scarcity on the daily lives of Nigerians.

In a broadcast message to Nigerians earlier today, President Muhammadu Buhari addressed the ongoing economic situation in the country.

The president announced that the old 200 naira note will remain a legal tender until April 10, 2023, while the 1000 and 500 naira notes will be invalid. This move is aimed at encouraging Nigerians to embrace the digital economy and reduce the circulation of fake currency notes.

The naira scarcity has been a growing concern for Nigerians, with the exchange rate against the US dollar hitting an all-time high of 570 naira per dollar in recent weeks. This has resulted in an increase in the cost of living, with many struggling to make ends meet.

The announcement by the president regarding the invalidation of the 1000 and 500 naira notes had sparked mixed reactions from Nigerians, with some expressing support for the move while others feel it is not a viable solution to the country’s economic problems.

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