Naira’s Free Fall Sparks Outrage Among Bank Customers Amid Worsening Hardships

Bank customers in Nigeria have been expressing their frustrations and concerns over the continuous fall of the Naira, which has led to increasing hardships and reduced purchasing power for many.

The situation has been exacerbated by the recent directive from the Central Bank of Nigeria (CBN) to limit the amount of foreign currency that banks can sell to customers.

According to a report by Channels Television, the Naira’s free fall has caused anger and misery to spread across the country.

This has been further compounded by the fact that the purchasing power of the people has been decimated on a daily basis.

In a tweet by Olufemiloye, it was revealed that even the CAD (Currency Adjustment Factor) has now gone way beyond the ₦1,000 mark, debuting at ₦1,102.015 today.

The impact of the Naira’s fall is being felt by millions of Nigerians, with many struggling to make ends meet.

The situation has been made worse by the fact that the banks are now telling customers that only 10k can be given to them from their money.

This has led to a situation where, if you earn below $50, you can’t do much.

The fall of the Naira has also had a significant impact on the purchasing power of the people. For example, a person who earns $1,500 per month exchanging at 1 USD/N1,451 would have around 2,176,500.

However, when they go to the fuel station, they find that the fuel that they bought at N257 in Jan 2023 is now selling at N665 in 2024.

The situation has not gone unnoticed by financial analysts, with Olumide Adesina tweeting that bank stocks fell sorely because the CBN directive will likely erode their margins but shore up the fortunes of Naira in the foreign exchange market.

In conclusion, the fall of the Naira has led to increasing hardships and reduced purchasing power for many bank customers in Nigeria.

The situation has been compounded by the recent directive from the Central Bank of Nigeria, which has limited the amount of foreign currency that banks can sell to customers.

It remains to be seen how the government will respond to the concerns of the people and what measures will be put in place to address the situation.