Despite Subsidy Removal the Current price of Dollar would Leave you in Shock

The local market exchange rate of the Dollar is pegged at N880 per Dollar, but predictions suggest it may reach N1,000 by the end of 2022, fuel prices in some Nigerian states are almost equivalent to $1 in the black market (750 per liter), and the current economic realities are forcing federal universities to consider tuition fees and service charge increases, exacerbating the challenges faced by the poor in a country with a minimum wage of N30,000 and rising basic electricity tariffs, with potential consequences including loss of lives, ongoing devaluation, a surge in out-of-school children, and increased crime rates.

CBN Acting Governor

Despite Subsidy Removal the Current price of Dollar would Leave you in Shock. In a startling turn of events, the local market exchange rate of the Dollar has reached an unprecedented N880 per Dollar, sending shockwaves throughout Nigeria. This dramatic shift coincides with the removal of fuel subsidies, and experts are now predicting that a dollar could be valued at a staggering N1,000 before the close of 2022.

The situation has grown so dire that in some Nigerian states, the price of fuel has skyrocketed to nearly the equivalent of $1 on the black market, reaching a whopping 750 naira per liter. This alarming trend has left many citizens struggling to make ends meet.


Adding to the grim outlook, the current economic realities have put immense pressure on federal universities, forcing them to consider the unthinkable—demanding tuition fees and increasing service charges to keep their operations afloat. This looming prospect threatens to further burden students and their families.


As the nation grapples with these economic challenges, it’s essential to remember that the minimum wage in Nigeria stands at a meager N30,000. While some states have marginally increased it by N10,000, it has become exceedingly difficult for the less fortunate to make a decent living. To compound matters, the basic electricity tariff has also seen an unwelcome rise.

The consequences of these persisting economic realities are dire and far-reaching. If left unchecked, they could lead to the loss of lives, continued devaluation of the currency, a surge in the number of out-of-school children, and a worrying increase in crime rates across the nation.

Nigeria stands at a crossroads, with the challenges ahead requiring urgent and innovative solutions to steer the nation towards a more stable and prosperous future. Stay tuned to VOTP NEWS for further updates on this developing situation.

SEE ALSO: Enugu State Government Reveals Criteria for Fuel Subsidy Removal Palliative Beneficiaries

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