“I Already Lost N55k”: Lady Cries out as Naira Depreciates Again, Shares How Much She Bought Dollar

• A Nigerian lady has lamented the steady depreciation of the naira and how it has affected her hair business
• The social media influencer and hair vendor said she lost N55k because she sold hair using a rate of N1075 to a US dollar
• Mixed reactions have trailed the recent depreciation of the naira weeks after it recorded massive gains against the dollar

Despite the CBN selling dollars cheaply to BDCs and setting new exchange rates, the naira has continued to depreciate.

In 24 hours, the naira lost N65 value and is still losing to the US dollar.

Amanda Chisom lost N55k as a result of the depreciation.
The image on the right is for illustration purpose and is unrelated to the story.
Photo Credit: Pius Utomi Ekpei, Facebook/Amanda ChisomSource: Getty Images

Hair vendor laments naira depreciation

A hair vendor, Amanda Chisom, has lamented how the fall of the naira has affected her business.

In a Facebook post on Wednesday, Amanda said she calculated a customer’s hair at the rate of N1075 only to realise the rate had increased.

Amanda said she bought dollar at N1300, causing her to lose N55k. She wrote:

“Dollars has gone up again oh , I just bought 1300 now. I said I should tell you. Maka ndi reduce price. I already lost 55k because I went to calculate hair for someone at 1075.”

Nigerians react to the rise of dollar

Ifeanyi Nwatu said:

“Naira just the rise and fall like cryptocurrency.. Make Tinubu try add naira for Binance exchange make we the trade am.”

Bassey Daraima said:

“Wow, this is serious.

“That’s why I look at exchange more frequently than I look at the watch.”

Cmanuels King said:

“And so is pounds rising against Naira.

“Trust me, one needs a skill to survive in this country.

“Thank God for digital skills, I can make up to 50 to 100 pounds weekly without any physical stress.

“So much love it, if Naira want make e go up e no concern me.”

Chizzy Egwu said:

“Last week I did my exchanger 30 .

“Was studying the chart and saw increase, paid for rmb immediately and he no know sef.

“Na today he finally funded me .

“He lost small sha.”

Wea Lth Festus said:

“Na so una go dey lie.

“Why will you calculate at 1075?

“It never went that low.”

Lace Izuchukwu said:

“Many rushed and sold there dollar @1k last weekend. I was just laughing @ them.”

Ella Beauty said:

“I didn’t even notice the dollar went down before. It didn’t reflect in market.”

Nigerian loses more value against US dollar

Meanwhile, TheTalk.NG previously reported that the naira had lost more value against the US dollar.

According to data from the FMDQ Securities Exchange, the naira closed at N1,234 to the dollar in the official foreign exchange market on Monday, April 22, 2024.

Data obtained from FMDQ securities showed that the naira at the Nigerian Autonomous Foreign Exchange Market (NAFEM) closed at N1,234 /$1 against the US dollar on Monday, April 22, 2024. It was the same story for the naira in the black market as the Nigerian currency depreciated against the US Dollar.

Source: TheTalk.NG

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