According to Abdullahi, When I was VC of ABU Zaria, I used to buy $1 for 80 kobo but today I spend ₦1300 for $1

The Northern Elders Forum’s convener, Ango Abdullahi, has voiced concerns about Nigeria’s economic state, pointing out that the Naira has significantly depreciated against the US dollar over the last 40 years. CONTINUE FULL READING>>>>>

During an interview with The Sun, Abdullahi disclosed that when he was Vice Chancellor of Ahmadu Bello University in Zaria, about 40 years ago, he used to exchange 80 kobo for one US dollar. However, he now requires about 1300 naira to purchase one dollar. He attributed the depreciation of the naira to Nigeria’s lack of substantial production, leading to a dependency on imports. He emphasized that without a robust production sector, a country struggles to earn foreign exchange, resulting in a weakened currency.

In Abdullahi’s words: “When I was Vice Chancellor of ABU Zaria, I used to buy a dollar for 80 kobo but today I have to spend N1300 to get one dollar. What happened is simply that Nigeria is not a producer. And if you don’t produce, you can’t sell anything and can’t earn foreign exchange and that won’t leave you with a respectable foreign exchange. And people who see things will determine how much you have to pay for their products and that is what happened to Nigeria”. CONTINUE FULL READING>>>>>