House of Representatives member Ibe Osonwa has thought back on the Nigerian Naira’s previous stronghold versus the British Pound. CONTINUE FULL READING>>>>>
He remembered a period when the exchange rate was almost equal, with 1 Naira being worth roughly 1 Pound and 30 Kobo, in an interview with AIT. He said that the Naira had a distinguished standing at this time and was even accepted in UK retailers.
However, Osonwa expressed concern over the gradual depreciation of the Naira over time, emphasizing the importance of recognizing collective responsibility. He implied that citizens share responsibility for the decline in the Naira’s value.
In Osonwa’s words: “Then I remember if you walk into a store in UK and give them Naira, they will happily accept it. It had a lot of respect, but over a period of time, it has tanked Now I am not blaming anybody, I am blaming all of us”. CONTINUE FULL READING>>>>>
