Nigeria`s currency the Naira has crashed massively in its exchange rate with the United States Dollars since the beginning of the President Muhammadu Buhari`s regime, which began in2015 after he defeated the incumbent President Goodluck Jonathan of the Peoples Democratic Party.
The currency has lost about 200 percent in value currently, even as the Nigerian economy looks gloomier than it was as far back as 2015, when President Buhari came to power.
This was disclosed on Wednesday in a report by Bloomberg, a United States based media group, owned by Michael Bloomberg.
In the report, referring to Nigerian Naira, the media and research company said, “The local currency has depreciated steeply under outgoing President Muhammadu Buhari, falling from around N220 to the US dollar on the widely-used parallel market when he was first elected in early 2015 to about N600 this week.”
Bloomberg also made reference to the level of poverty in Nigeria, which the company noted is unequally yoked with the situation in India, a country with more than 7 times the population of Nigeria.
The report said that “Nigeria vies with India as the country with the highest number of people living in extreme poverty despite having a seventh of the population.”
Commenting on the insecurity in the country, Bloomberg also took note of the Boko Haram and Headsmen menace in Nigeria, which has become very widespread and excessively notorious since the beginning of President Buhari`s government.
The Bloomberg report notes that “Meanwhile, secessionists, Islamist militants and armed criminal gangs terrorize large swathes of territory.”
“The next president will face a daunting challenge to turn around Africa’s largest economy. Falling oil production threatens Nigeria’s place as the continent’s biggest crude producer, inflation is soaring and more than half of the working-age population are either unemployed or underemployed. ” The Bloomberg reports concludes.
