Vice President Kashim Shettima expressed his concern about the current state of Nigeria’s economy as the value of the naira dropped to N1,500 on Tuesday.
He addressed this issue during a public engagement on youth, religion, and the fight against corruption at the Yar’Adua Centre in Abuja on Wednesday.
The official exchange rate of the naira against the dollar reached N1,482.57 on Tuesday, surpassing the black market rate of N1,470.
Additionally, on Wednesday, the parallel section of the foreign exchange market saw the FX rate exceed N1,500. Shettima urged Nigerians to collaborate in order to revive the economy.
“Yesterday, when the naira plummeted to N1500 to the dollar, instead of us to come into a single force and salvage our economy, sadly, some clowns are celebrating on Twitter of our impending implosion of the Nigerian economy,” he said.
He stated that the country will recover and improve.
In an announcement on January 28, Shettima assured that the federal government would not enforce any policies that would harm any region of the country.
Furthermore, the Central Bank of Nigeria (CBN) has cautioned FX-authorized dealers and their customers against providing false and deceptive information about their transactions.
The apex bank also emphasized that all eligible transactions are allowed to access foreign exchange through the official channel.
