NAIRA depreciates to 410 at official window   


Feb 27 (Lagos) - The Governor of the Central Bank of Nigeria has said that the Naira has officially depreciated to 410 to the US Dollar as a result of reduction in forex earnings as a result of lower crude oil prices over the past year. 


On the parallel market Naira has slumped to 478 to 1 USD. 


The naked truth remains that Government of Nigeria failed to save Dollars when the price of crude oil was above $80 a barrel for most of the period from 2010-2014. While the next government was supposed to bring change, the change that they brought was not what people were expecting. 


Now we have a much weaker currency, a huge security crisis, higher inflation and a borrowing binge. School children are getting kidnapped en-masse so frequently now that the 2012 chibok incident now seems like just another kidnapping. There is no global or local outcry or sense of shock over these incidents anymore. 


So Naira is now 410 officially. What is the target here? 500? c'mon easykobo this is a currency not a stock. 


Make e not kill us ooo. 


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