Naira depreciation: Nigerian businessman cries out, claims N10,000 Cefas is now N25,000

  • A Nigerian businessman has criticized the significant depreciation of the Naira.
  • A video reveals that artisans in Cotonou are no longer collecting Naira due to the higher value of the Benin Republic’s CFA currency.

Nigerian businessman cries out over the terrible depreciation of the Naira.

The businessman made the observation that Cotonou artisans are no longer collecting Naira because the Benin Republic’s currency, CFA, is currently worth more than Naira in an internet video.

The man said in the video;

‘’Can you imagine that workers from Cotonou are no more collecting Naira because a CFA is now N3000. Can you imagine that CFA10, 000 is now N25, 000. Ten Million CFA is now N25, 000. So they are no more collecting Naira

As it stands now, to clear a container in Nigeria is N18 million per container and with the depreciation in Naira, every commodity increases in price every 30 minutes.

I went to the market yesterday to restock. A carton of tomato was N20, 000. In the next thirty minutes when I came to pick the tomatoes, it was N24, 000 and the whole line was like if you cannot pay, leave it.

The scary part is that the way it is going is that even the rich and the poor, nobody is safe. People are still selling their old markets. Very soon. their old market will finish. They will now start selling the new market they bought with this current prices. The poor can no longer feed. It will now be survival of the fittest. Nobody is safe’

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